With reference to the news item appearing in a leading financial daily titled 'Tulip Telecom CMD arrested for alleged Rs. 32 Crore service tax evasion', Tulip Telecom Ltd has Clarified to BSE as under:
'The Service Tax Department has detained our Chairman, Lt. Col. H. S. Bedi, for alleged evasion & delay in payment of service tax. The company has undergone significant liquidity pressures over the last 2 years and filed for CDR in December, 2012. Tulip has been a timely payer or statutory dues over the past many years and expects to resolve this issue at the earliest'.
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