September 2, 2013

Press Release No. 1

News about Net 4 India Limited

The media had reports that "Net4 India chief held for not remitting service tax".

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company.

Net 4 India Limited has vide its letter inter-alia stated," Please note that Mr. Jasjit Singh Sawhney, in his capacity as Managing Director, was detained, since the Company had not deposited the Service Tax before the due date as stipulated in the finance Act; however, we have already given a schedule for payment of dues outstanding against service tax to the department which they have agreed for. The Company had also submitted the scheduled liability of Service Tax and the repayment schedule in respect thereof to the concerned Hon'ble Court."