Kingfisher dupes employees, deducted tax not deposited with IT dept: Indian Express

The big scoop of the day today is by The Indian Express which has reported that the extent of financial mismanagement at Kingfisher Airlines was so severe that it did not deposit tax deducted from employees’ salaries — amounting to Rs 422 crore over the last couple of years — with the Income Tax authorities. The newspaper reports that this has resulted in a number of employees receiving tax notices. Kingfisher has been in the news following rumors that it was bankrupt and was seeking a government bail out. Its owner and Chairman Vijay Mallya was able to allay most fears in this regard following a speech he made earlier this month. But if this story is indeed factual, Mallya won’t be able to talk his way out of this one so easily.

The other major story is the continuing stand off between the government and opposition over the cabinet decision to allow retail FDI of up to 51% in the country. The issue has outraged the opposition so much that they have closed ranks against the government, making the possibility of parliament at least functioning this week very remote.

The standoff between Pakistan and NATO also makes headlines, given the backlash in Pakistan following the death of 28 of its soldiers in ‘friendly fire’ near the Afghan Pakistan border. India will undoubtedly be watching this entire episode unfold with some anxiety as further trouble in the region will also impact Delhi.

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