Abhishek Bachchan under IT radar
Abhishek Bachchan is among 15-20 HNIs who have come under the IT radar after they made applications for a large number of shares in some of the recent IPOs.
By PTI |
MUMBAI: Bollywood star Abhishek Bachchan is among 15-20 high networth individuals who have come under the income tax radar after they made applications for a large number of shares in some of the recent Initial Public Offers.
"Investigations have been launched against 15-20 high networth individuals, including Big B's son Abhishek, for applying a large number of shares in IPOs," a senior Income Tax official said today.
He, however, did not give the names of other individuals or the companies saying the investigations were still on.
The next step, he said, would be to send the findings of the investigation to the assessment officer concerned for necessary action.
High networth individuals, in the banking terms, are those having investible assets more than Rs 4.2 crore.
The investigations cover the cash flow and the source of funds of these individuals, the IT officials said.
Under the Security Exchange Board of India's IPO alottment norms, 15 per cent of the issues is reserved for HNIs, 35 per cent for retail investors and 50 per cent for the qualified institutional buyers which comprise foreign institutional investors and insurance funds among others.
"Investigations have been launched against 15-20 high networth individuals, including Big B's son Abhishek, for applying a large number of shares in IPOs," a senior Income Tax official said today.
He, however, did not give the names of other individuals or the companies saying the investigations were still on.
The next step, he said, would be to send the findings of the investigation to the assessment officer concerned for necessary action.
High networth individuals, in the banking terms, are those having investible assets more than Rs 4.2 crore.
The investigations cover the cash flow and the source of funds of these individuals, the IT officials said.
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Under the Security Exchange Board of India's IPO alottment norms, 15 per cent of the issues is reserved for HNIs, 35 per cent for retail investors and 50 per cent for the qualified institutional buyers which comprise foreign institutional investors and insurance funds among others.
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