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Pyramid Saimira takes I-T Dept to court over a/c attachment
Pyramid Saimira has filed a petition against the Income Tax (I-T) Department opposing the attachments of its bank accounts. The Chennai-based media company wanted to get a stay on the attachment which the High Court refused today because they have asked the I-T Department to come up with their set of explanations that will be done on Monday.
Pyramid Saimira has filed a petition in the Chennai High Court against the Income Tax (I-T) Department's move to stay its bank accounts. Earlier, the I-T Department, had attached the company's bank accounts for improper filing of I-T returns. CNBC-TV18's Divya Rajagopal reports.
Pyramid Saimira has filed a petition against the I-T Department opposing the attachments of its bank accounts. However, the high court refused to stay the I-T Department's move and has asked the department to present its case on Monday after which it will pass its order.
Company officials say they have filed revised I-T returns, and are expecting a refund of close to Rs 2 crore from the Income Tax Department.
With no funds in hand, Pyramid Saimira has not paid its employees for the last three months and operations have come to a standstill. The company needs close to Rs 60 crore to meet its general business expenses and with 300 employees on its rolls, it owes close to Rs 1.5 crore in salaries.
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