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Donald Trump, Mukesh & Nita Ambani, Kalpesh Mehta & Pankaj Bansal: What’s the connection?
MUMBAI: When the incoming president of the US invites you, you definitely have to go. The pre-swearing in inaugural festivities thrown by the to-be -President Trump at an intimate gathering of friends and family at Trump National Sterling in Virginia saw a handful of Indians mark their presence. But those who really want to make a splash of it are two Indian real estate developers who are the Republican leader’s Indian partners in Trump Towers.
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We are referring to Tribeca Developers founder Kalpesh Mehta and M3M Developers managing director Pankaj Bansal who were seen hobnobbing with Trump and sharing a glass of bubbly with him. Both Mehta and Bansal are key partners in the development of Trump Towers in India, reflecting the strong ties between Indian business leaders and the Trump Organisation. Kalpesh Mehta, the licensed Indian partner for Trump Towers, has been instrumental in bringing the Trump brand to India. They were also seen cracking a few jokes with India’s richest couple – Mukesh and Nita Ambani. Mukeshbhai and Nitabhabi, apparently, took an overnighter on their private jet for a spin to Washington DC.
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Global leaders, including Amazon.com founder Jeff Bezos and other prominent business figures, were also in attendance.
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A nearly 20 minute firework display was watched by Trump and his wife Melania and his extended family from the balcony of his club.
Trump’s alleged excesses have already got critics carping about his proximity to several American billionaire friends of his who are getting crucial posts and others (one of them read crypto currency industry) who are handing out $250 million to the inauguration committee for spending on what is being called the most expensive inauguration (read party) of a president in history. Other presidents have reportedly spent less than $50 million (Obama) on their inauguration spending prior to Trump who spent a massive $107 million following his 2017 election victory.
With the Trump-baiters getting their knives out even before he has got into the White House, we wonder what they will come up with after he does. We can only wait and watch.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
