After the raids on the office premises and residences of Chanda Kochhar and persons related to her, the ED has established that the Kochhar’s received kickbacks to the tune of 389 crore ₹. The focus is on two transactions which are being probed further involving the Kochhar’s, Venugopal Dhoot, Nishant Kanodia, Ravi Ruia and firms promoted by them. The Income Tax Department has stepped up its collection effort in order to help the government bridge its revised fiscal deficit target of 3.4% of GDP. The IT Department is taking aggressive stands and may use coercive means to achieve its target of 12 lakh crore ₹. Troubled airline operator Jet Airways has agreed for a debt restructuring plan that could see its debt converted into equity and willl see its promoter Naresh Goyal lose controlling stake in his company. A statement by senior DGCA official read that they have only 70 of their 119 fleet of aircrafts asoperational.
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