Shringar Cinemas receives Entertainment Tax Benefit for "Fame - Hiland Park"

Shringar Cinemas Ltd has announced that "Jt.Secretary & Ex-officio Director of Film", Govt of West Bengal has vide their notification dated October 11, 2006 recommended "Fame" at Hiland Park, Kolkata for being considered as "multiplex theater complex" in order to enable the Company to avail the benefits / facilities as per provisions of Section 3 of West Bengal Act XI of 2003.

Kindly note that as per Section 3 mentioned above, the Company shall be entitled to retain, by way of subsidy, the amount of entertainments tax as collected against the value of ticket for admission at Fame - Hiland Park multiplex for a period not exceeding four years or till such date when the total amount of entertainments tax retained by the Company, by way of subsidy, does not exceed the total amount invested for the purpose of making the new multiplex theatre complex, whichever is earlier, from the date of commencement of Fame - Hiland Park.

Further the Company has informed that, the entertainment tax paid by the said Multiplex from the date of commencement i.e. December 02, 2005 till October 05, 2006 is Rs 82.92 lacs.

Source : Equity Bulls

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