Bengaluru: The Income Tax department has released 74.90 lakh attached shares of Bangalore-based tech firm Mindtree, owned by the company and its promoter V G Siddhartha, but attached Siddhartha's 46.01 lakh shares in Coffee Day Enterprises over potential tax demand, said the holding company Coffee Day Enterprises on Thursday.
It may be recalled that, last month, the I-T department had attached 74.90 lakh shares of Mindtree, in which 22.20 lakh shares belonged to Coffee Day Enterprises and 52.70 lakh shares belonged to Siddhartha.
“The company and the promoter, VG Siddhartha, have received orders dated February 13, 2019, for release of provisional attachment of Mindtree shares under section 281B of the Income Tax Act, 1961 vide ordered on January 25, 2019,” said the company in a filing.
In a separate filing, Coffee Day Enterprises, said, “VG Siddhartha has received an order...on February 13, provisionally attaching 46,01,869 shares of Coffee Day held... with Way 2 Wealth Brokers of VG Siddhar-tha to safeguard the interest of the revenue in respect of likely future tax and penalty obligations.”
