DB Realty defaults on debt repayment and taxes

DB Realty defaults on debt repayment and taxes

DB Realty, the group allegedly linked with 2G spectrum scam, has defaulted on repayment of debt and deposits of provident fund, employees' state insurance and various taxes.

While the default in the payment of taxes has been happening since April 2010, the Shahid Balwa-led firm has defaulted on debt repayment in the last fiscal.

The company defaulted on loan repayment to LIC Housing Finance since January last year. During this calendar year till March, it has not paid its dues to Reliance Capital, ICICI Bank and Indiabulls Housing Finance, according to the annual report of the company for fiscal 2017.

Between January 2016 and March 2017, the company has defaulted on loan payments to the tune of Rs 53.85 crore. An amount of Rs 5.89 crore is to be paid to the authorities as service tax, wealth tax, property tax and value-added tax, due between April 2010 and September 2016. Also, income tax payment of Rs 6.63 crore is pending for the assessment years 2012-13, 2013-14 and 2014-15, but it is under dispute.

"The company is not regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, employees' state insurance, income tax, value-added tax, cess and other material statutory dues applicable to it, and there have been serious delays in a few cases. As explained to us, the provisions regarding sales tax, customs duty and excise duty are presently not applicable to the company," reads a note by independent auditors in DB Realty's annual report for the last financial year.

Read more Complaint related DB Realty :

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• LIC Housing moves NCLT to recover Rs 31 crore loan from DB Realty
• Debt hit DB Realty referred to NCLT by LIC Housing Finance
• LIC Housing withdraws NCLT plea against DB Realty
• ED likely to attach DB Realty's assets
• Pawar family's links with DB Realty revealed
• Not Just Jaypee, Mumbai's DB Realty Too Has Duped Home Buyers
• DB Realty in trouble – The Urban Debate
• 3500 DB Realty buyers stuck in a limbo, seek legal help- Property News
• False commitments by DB Realty OZONE Project
• DB OZONE Home Buyers Waiting since 2009
• DB Realty's project delayed: Buyers protest, launch social media campaign
• Builder arm-twists home buyers?
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