Mr P Kishore, CEO of Everonn, an education providing company, was arrested by CBI on charges of bribing an income-tax official with Rs 50 lakh.
A CBI statement said that during a search operation of Everonn early this month Income Tax official Andasu Ravindar found Kishore concealing a taxable income of Rs 116 crore. Kishore is alleged to have requested the Income Tax official to "suppress" Rs 60 crore of the concealed amount. It was toward this that a bribe of Rs 50 lakh was sought and paid. However, it was at the removal of the money to an "unknown place" that the CBI, acting on a tip-off, came into the picture, followed through and made the arrest.
Everonn's (a public company) stocks hit a 52-week low over the last two days after Mr Kishore (founder of Everonn) was arrested. This arrest has also led Mr J J Irani, to step down as the chairman of the board of directors of the company.
The question is will Everonn be able to inspire potential customers / students to be in one of their schools when basic integrity is a problem with its core? How would a parent be assured that they will not be fleeced, cheated or that their children will not learn just the wrong things?