After Vijay Mallya made the Rs 4,000 crore offer to banks to settle the loans his company Kingfisher Airlines took from them, Firstpost's Dinesh Unnikrishnan had argued banks should not trust the industrialist, who still has a net worth of about Rs 7,000 crore.
Had Mallya been ready to settle with banks, he would not have waited for so long, the article said. It also highlighted the proposal is a bad bargain for banks because Mallya's dues now stand at a whopping Rs 9,000 crore.
Giving credence to Firstpost's arguments is a report that appeared in the Mint newspaper today. The report says a special court for economic offences in Bengaluru has denied permission to the income tax department to issue a non-bailable warrant against Mallya in a case related to non-remittance of tax deducted at source.
The amount in question is Rs 325 crore and pertains to the period 2009-12. Tax deducted at source or TDS is the tax an employer deducts from the salary of the employees which it then remits with the income tax department.
The department has alleged that Kingfisher Airlines deducted the tax from its staff but did not remit it.
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