Imperilled republic
Ben Franklin’s response, on 17 September 1787, to Philadelphia socialite Elizabeth Powel’s question, What have we got, a republic or a monarchy? is now a classic, A republic, if you can keep it.
A day after the Central Board of Investigation (CBI) arrested Rotomac group owner Vikram Kothari and his son in connection with the Rs 3,695 crore cheating case, the Income Tax department has reportedly asked the group to pay Rs 106 crores in unpaid taxes.
According to reports, I-T Department has also issued a showcause notice to Kothari asking why prosecution be not initiated against the group. The I-T Department has already attached four immovable properties of the Rotomac group.
The father-son duo was questioned by the CBI for four consecutive days before their arrest.
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Raids on the businesses and properties owned by the group were conducted after the CBI filed an FIR on Sunday night.
Charges of criminal conspiracy, cheating and forgery were filed on a complaint against Kothari, his wife and son by Bank of Baroda.
According to the FIR, Kothari had obtained Rs 2,919 crore from Bank of India (Rs 754.77 crore), Bank of Baroda (Rs 456.63 crore), Indian Overseas Bank (Rs 771.07 crore), Union Bank of India (Rs 458.95 crore), Allahabad Bank (Rs 330.68 crore), Bank of Maharashtra (Rs 49.82 crore) and Oriental Bank of Commerce (Rs 97.47 crore).
According to I-T law, tax evasion less than or equal to Rs 25 lakh attracts a punishment between three months and two years of rigorous imprisonment and between six months and seven years of rigorous imprisonment if the amount exceeds Rs 25 lakh. Fines are imposed in both cases.
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