Parliamentary report says BCCI, IPL evaded tax

[Vijay.Sharma]

Looks like they evaded the bribes too

:haha:

[Vijay.Sharma]

On March 1' date= 1985, while a sophomore, Modi was arrested on charges of conspiracy to traffic cocaine, assault and second-degree kidnapping. On April 2, 1985, Modi and another student were indicted. Modi pleaded guilty to the crime when the case was heard in the Durham County court, North Carolina and later entered a plea bargain, which resulted in a suspended two year prison sentence. http://en.wikipedia.org/wiki/Lalit_Modi Holy s**t batman! I came across this in just a few minutes and the Indian media hasn't even made a mention of this over the years? Unless I failed to see it on TV or something or have just been 'out of touch'.

Actually this is old news...done and dusted with back in 2005 itself when Pawar beat Dalmiya

[pinkfreud]

Actually this is old news...done and dusted with back in 2005 itself when Pawar beat Dalmiya

Oh, my bad

[achilles]

Yeah quite a lot' date=' from details of financial deals to which players were snorting cocaine after the game.[/quote'] Elaborate please.

[Mariyam]

This is not a big deal. To cut a long story short

* nerd mode* In India, you are allowed FDI ( Foreign Direct Investment) via two routes: 1) Direct Route: In this case, no government or RBI approval is necessary. 100% of the investment goes to the firm/company. This is applicable for only certain categories of products/services, where the government requires immediate/short term results or output. There is a limit to the # of such firms as per the FEMA act. 2) Government route: For luxury goods, unessential services, or those in which the goal is long term gain, the FDI has to be approved by the government and the RBI. IPL would fall in this second category. If a company takes in FDI without government approval, the entire amount of the FDI is added to its net taxable income. That is what is happening here. These kind of cases are dime a dozen. They exist in every industry. A relatively famous such case is when Reliance Big Pictures took in undeclared and unapproved FDI. They are still functioning. No ways is this going to result in the closure of the IPL. They'll just have to cough up a few $$$. Thats it. *end nerd mode

[achilles]

This is not a big deal. To cut a long story short

* nerd mode* In India, you are allowed FDI ( Foreign Direct Investment) via two routes: 1) Direct Route: In this case, no government or RBI approval is necessary. 100% of the investment goes to the firm/company. This is applicable for only certain categories of products/services, where the government requires immediate/short term results or output. There is a limit to the # of such firms as per the FEMA act. 2) Government route: For luxury goods, unessential services, or those in which the goal is long term gain, the FDI has to be approved by the government and the RBI. IPL would fall in this second category. If a company takes in FDI without government approval, the entire amount of the FDI is added to its net taxable income. That is what is happening here. These kind of cases are dime a dozen. They exist in every industry. A relatively famous such case is when Reliance Big Pictures took in undeclared and unapproved FDI. They are still functioning. No ways is this going to result in the closure of the IPL. They'll just have to cough up a few $$$. Thats it. *end nerd mode

That was short. Guess you are having a rather busy day for once :hmmm:

[Vijay.Sharma]

This is not a big deal. To cut a long story short

* nerd mode* In India, you are allowed FDI ( Foreign Direct Investment) via two routes: 1) Direct Route: In this case, no government or RBI approval is necessary. 100% of the investment goes to the firm/company. This is applicable for only certain categories of products/services, where the government requires immediate/short term results or output. There is a limit to the # of such firms as per the FEMA act. 2) Government route: For luxury goods, unessential services, or those in which the goal is long term gain, the FDI has to be approved by the government and the RBI. IPL would fall in this second category. If a company takes in FDI without government approval, the entire amount of the FDI is added to its net taxable income. That is what is happening here. These kind of cases are dime a dozen. They exist in every industry. A relatively famous such case is when Reliance Big Pictures took in undeclared and unapproved FDI. They are still functioning. No ways is this going to result in the closure of the IPL. They'll just have to cough up a few $$$. Thats it. *end nerd mode

Thanks! It sounds like a fairly run of the mill kinda transgression that can happen to companies in many new areas when things are not clear as to whether the category is number 1 or 2. Most organizations would probably have this planned in their risk mitigation funds? The point I am trying to make is that, this doesn't look like the greatest of sins or most corrupt act that the media makes it out to be.

[IKnowU]

Modi :isalute: