IT raid on hair export company unearths Rs 65 cr worth undeclared assets
Bengaluru: Income Tax raids on a hair exporting company in north Karnataka has exposed a staggering Rs 65 crore worth of undeclared assets, informed IT officials of Karnataka and Goa.
The company was raided in December 2017. During the raid it was found that the company had no valid documents to prove the sale of hair worth Rs 65 crores. IT sleuths have also seized jewellery and cash worth Rs 5 crore during the raid. Highly placed sources also revealed that some temples had links with this company.
Exporting hair : The company which used to collect hair from temples, beauty parlours and girls' hostels after paying for the same used to export the same to South Africa and European nations. There is much demand for hair and wigs in European and African nations. Sources say the company has done business worth 6 billion in 2015.
The company reportedly belongs to a Congress leader name Srinivas Gupta. Even the residence of Gupta was raided.
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Binny Bansal steps down from board of PhonePe
New Delhi, Nov 22: Flipkart's co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech company said on Friday.
PhonePe also announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee.
In this role, Sabharwal will be instrumental in upholding the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices, he company said in a release.
"PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then," the release said.
Commenting on the board rejig, Sameer Nigam, CEO and Founder of PhonePe said, "I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe's earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!"
Nigam further said that Sabharwal's depth of understanding of India's macro economy, coupled with his leadership in shaping India's policies for education, employment, and employability will be invaluable as PhonePe continues to work ahead towards shared vision of a Viksit Bharat by 2047.
Sabharwal is Vice-Chairman of Teamlease Services, India's largest staffing and human capital firm.
Bansal played an instrumental role in Flipkart's acquisition of PhonePe way back in 2016 and had been on its board since then (the payments firm separated from Flipkart in 2022).
