The government intends to carry out a tax probe of the stake sale carried out by two BPL group companies in Loop Telecom.
However, since assessment in the case is pending, tax liability is yet to be calculated, according to S. S. Palanimanickam, union minister of state for finance in a written reply to the Rajya Sabha. He added that the minister said that BPL had sold companies’ equity to new operators.
Also, during the assessment year 2008-09, BPL Mobile Communications and BPL Communications had a share holding of 51 per cent and 49 per cent respectively, in Loop Telecom, Palanimanickam said. However, their share holding pattern changed during the assessment year 2009-10 and the new holders are Capital Global (23.96 per cent), Loop Mobile Holdings India (21.09 per cent) and Loop Mobile (India) (51.95 per cent) he added.
