New Delhi: No-frills carrier IndiGo is facing multiple litigations, including those related to income and service tax, involving an amount of at least Rs 1,114 crore.
The profitable airline is gearing up to come out with an initial public offer worth about Rs 2,500 crore, that includes fresh issue of equity and Offer for Sale (OFS).
"There are 329 legal notices issued to our company involving an aggregate amount of Rs 5,525 million (Rs 552.5 crore). These include 50 notices in which the amount involved is in excess of Rs 1 million (Rs 10 lakh). These notices are pending," according to the draft paper filed with capital market regulator Sebi for the IPO.
There are eight income tax and six service tax proceedings involving total amounts of Rs 156.99 crore and Rs 168.49 crore, respectively.
Besides, the company is facing nine proceedings related to VAT involving about Rs 12.54 crore.
"Due to the nature and extent of our operations, our company is involved in a large number of cases and is regulated by various regulatory authorities who have the authority to impose penalties for various levels of default," it said.
01/07/15 PTI/Daily News & Analysis
To Read the News in full at Source, Click the Headline
The profitable airline is gearing up to come out with an initial public offer worth about Rs 2,500 crore, that includes fresh issue of equity and Offer for Sale (OFS).
"There are 329 legal notices issued to our company involving an aggregate amount of Rs 5,525 million (Rs 552.5 crore). These include 50 notices in which the amount involved is in excess of Rs 1 million (Rs 10 lakh). These notices are pending," according to the draft paper filed with capital market regulator Sebi for the IPO.
There are eight income tax and six service tax proceedings involving total amounts of Rs 156.99 crore and Rs 168.49 crore, respectively.
Besides, the company is facing nine proceedings related to VAT involving about Rs 12.54 crore.
"Due to the nature and extent of our operations, our company is involved in a large number of cases and is regulated by various regulatory authorities who have the authority to impose penalties for various levels of default," it said.
01/07/15 PTI/Daily News & Analysis
