Kapil Dev under IT radar for buying company at heavily deflated price

Shashi / 12 February 2016

Former Indian cricket team captain Kapil Dev is in the radar of the Income Tax department for his alleged business deal with an associate of the Noida engineer Yadav Singh, someone who himself has been under the radar. Yadav Singh is believed to be having a black empire.

The law enforcement agencies are looking and researching a business deal of Kapil Dev, his wife Romi Dev, and 2 other share holders bought a company at a very reduced price. According to the reports published on ABP News, the company whose actual cost is around Rs 32 crores has been bought for around Rs 6 crores.

The shares of the company were sold at Rs 140 each at a time when the actual price of the share according to the market was Rs 438.70 . So, if the company was bought for the market value, then they would had to pay around Rs 16 crores as tax but they just paid around Rs 2.5 crores, as they bought it for a deflated price.

According to ABP news, Kapil Dev talked with them off the record and clarified that he doesn’t know Yadav Singh and didn’t buy any company from him, nor did he sell it to him. He added that he paid for both the share value as well as the outstanding amount while buying the company.

He also added that he is no more associated with the company and has also sold his as well as his wife’s share in the company. The company was bought after getting a loan from the company, he added.

Kapil Dev was India’s first World Cup winning captain, doing it in 1983 when nobody had expected them to. They were labelled underdogs and after the World Cup, the team was popularly known as Kapil’s Devils. 

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