Black money: Swiss government agrees to share details of two Indian firms
NEW DELHI/BERNE, Dec 02: As Switzerland continues to shed its image as a safe haven for alleged black money, the Alpine nation has agreed to share with Indian authorities the details of two companies and three individuals who are facing multiple probes in India.
One of the two Indian companies used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations, while the other firm is said to have political links in Tamil Nadu.
As per separate gazette notifications of the Swiss government, the country's federal tax department has agreed to provide 'administrative assistance' to India on requests made about Geodesic Ltd and Aadhi Enterprises Private Ltd.
Similar requests have also been accepted for three individuals associated with Geodesic Ltd — Pankajkumar Onkar Srivastava, Prashant Sharad Mulekar and Kiran Kulkarni.
While the Swiss government did not disclose specific details related to the information and assistance sought by the Indian authorities regarding the two companies and the three individuals, such an 'administrative assistance' follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information relating to bank account details and other financial data.
The companies and the individuals concerned can file an appeal against the decision of Switzerland's Federal Tax Administration (FTA) to provide administrative assistance to India.
Repeated attempts to contact the two companies and the three individuals for their comments failed to yield any result. In the past, they have denied any wrongdoing. The
1982-incorporated Geodesic, once known as a fast-growing company with cutting-edge technology solutions, does not have a functional website anymore and is also no longer a listed entity as trading in its shares has been suspended by the stock exchanges for "procedural reasons".
The company and its directors have faced regulatory action by Sebi as well as other authorities like the Enforcement Directorate and the Economic Offence Wing of the Mumbai Police.
As per latest details available about the company on the stock exchanges, Pankajkumar was listed as Geodesic's chairman, Kiran Kulkarni as managing director and Prashant Mulekar as executive director.
In case of Aadhi Enterprises Pvt Ltd, which was incorporated in Chennai in November 2014, the company is said to have seen a rapid growth in real estate and other businesses, but soon landed in trouble due to alleged links to tainted politicians and for allegedly indulging in money laundering.
According to reports, the Income Tax Department has conducted multiple raids on properties of the company's promoters.
While Switzerland has always denied being a safe haven for black money, it has traditionally been known for its strong banking secrecy laws that had to be eased following a strong global crackdown on illicit funds being stashed in such jurisdictions.
The Alpine nation has been sharing details for many years with several countries including India after submission of evidence about financial and tax-related wrongdoings of the clients of Swiss banks.
Besides, a new framework of automatic information exchange has been now put in place and the details can be accessed under the new system from next year.
Courtesy: timesofindia
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Nine dead as massive fire breaks out in residential building in east Delhi
New Delhi (PTI): A fire ripped through a residential building in east Delhi's Vivek Vihar early Sunday, leaving nine people from two families dead, including a toddler, officials said.
The incident was reported at 3.48 am at a four-storey building in Vivek Vihar Phase-I, following which police, fire and disaster management teams rushed to the spot.
The blaze engulfed flats on the second, third and fourth floors of the building, prompting frantic rescue efforts.
With the terrace door locked, the building occupants found it difficult to escape the leaping flames.
Twelve fire tenders were pressed into service, while teams from the Delhi Disaster Management Authority (DDMA), traffic police and local police assisted in evacuation and rescue efforts.
The cause of the fire is yet to be ascertained.
According to the Delhi Fire Service (DFS), nine charred bodies were recovered from different parts of the building. "One body was recovered from the first floor, five from the second floor and three from the staircase which was found locked," a DFS officer said.
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Those killed on the second floor were identified as Arvind Jain (60), his wife Anita Jain (58), their son Nishant Jain (35), daughter-in-law Anchal Jain (33) and grandchild Akash Jain.
On the third floor, three members of another family -- Nitin Jain (50), his wife Shailey Jain (48) and their son Samyak Jain (25) -- were found dead.
On the first floor, a woman identified as Shikha Jain (45) was found dead, while her husband Naveen Jain (48) sustained injuries.
A senior police officer said around 10 to 15 people were rescued from the building during the operation. Two persons with minor injuries were shifted to the Guru Teg Bahadur Hospital.
Flames had engulfed large portions of the structure, with thick plumes of smoke spreading across the locality and reducing visibility.
Fire fighters said screams could be heard from those trapped inside the building as they battled for hours to bring the blaze under control.
A firefighter involved in the operation said the intensity of the blaze was significantly higher in the rear portion of the building.
"The fire intensity was higher in the four flats at the rear as compared to the front portion. So far, we have recovered nine bodies and handed them over to Delhi Police. It is difficult to provide details at this stage. The cause of the fire is still under investigation," he said.
He said access constraints worsened the situation.
"Three bodies were found near the terrace level. The access to the roof was locked, and because of this, they could not save their lives. If it had not been locked, they might have survived," he said.
"There is a central staircase which serves as both entry and exit. The rear side gate was covered with a grille, due to which we had to cut it using tools to carry out rescue operations. We deployed five ladders from different sides and also used a turntable ladder vehicle to rescue around 15 people," the firefighter added.
Lieutenant Governor Taranjit Singh Sandhu and Chief Minister Rekha Gupta condoled the loss of lives in the fire tragedy, and said immediate medical assistance and relief are being provided to the affected people.
Delhi BJP president Virendra Sachdeva along with Union Minister of State Harsh Malhotra, local MLA Sanjay Goel, Councillor Pankaj Luthra and BJP Shahdara district president Deepak Gaba, met the bereaved families around 10 am and extended condolences to them on behalf of the ruling party.
The BJP leader said Goel reached the spot within minutes of receiving the information and helped save 18 to 20 people while monitoring the rescue operations.
While talking to reporters, Malhotra described the incident as extremely tragic.
Lauding the prompt response of the fire brigade and police personnel, Malhotra said due to their timely action, around 20 people were rescued.
