I-T Dept attaches Pyramid Saimira's bank accounts

Chennai-based media company Pyramid Saimira is in trouble. It admits that the Income Tax Department has attached all its bank accounts, and operations have come to a stand still.

 

Here is a transcript of Divya Rajagopal's comments on CNBC-TV18. Also watch the accompanying video.

 

Pyramid Saimira is going through some tough times. The company has seen a fair share of controversy in recent times, and there seems to be no end to its worries. This time, the company has run afoul of the Income Tax department. All of its bank accounts have been attached by the IT Department for improper filing of IT returns. With no funds in hand, employees have not been paid for the last three months and operations have come to a standstill.

 

N Narayan, Director of Pyramid Saimira, said, "Because the particular IT attachment took place that covered the disbursement which was followed by the IT raid, all the collection money coming in everything goes into that account. The operations are completely crippled."

 

The company needs close to Rs 60 crore to meet general business expenses. And with 300 employees on its rolls, it owes close to Rs 1.5 crore in salaries.

 

Company official's say they have filed revised IT Returns, and are expecting a refund of close to Rs 2 crore from the Income Tax Department. But there is still uncertainty over whether the taxman will clear this revised filing, and come through with the refund.

 

Also read: Jai Corp's Anand Jain under I-T dept scanner