Godawari Power & Ispat Ltd (GPIL) today said the Income Tax (I-T) department conducted searches of the firm’s factory premises, residences and offices of some of its key managerial department.
The raid occured in various offices of the firm and it affected the stock market. The share price of the company went downhill after the raid. The Income Tax department didn’t share the numbers because of the privacy.
They executed the raid in many of the firm’s offices because one office is connected to other. The raid occurred in the head office and later in other buildings.
The company provided full support because its reputation is on the line. They even helped the Income Tax officers in search process and later assisted too.
“I-T Department has conducted search u/s 132 of the Income Tax Act. 1961 in the offices and factory premises of the company and its subsidiary companies.
The residential premises of some of its key managerial personnel commenced on July 29, 2015,” Godawari Power & Ispat said in a BSE filing.
The company is extending full cooperation in the search process to the department in completing the inquiry.
Business operations of the company and its subsidiary companies as usual,” the filing said. It means that they are ready to offer full support on this matter to clear their name. It also stated that the company will be offering a help.
GPIL, part of the Raipur-based Hira Group of Industries, manufactures long products of steel, mainly mild steel wire.
The company produces sponge iron, billets, ferroalloys, captive power, steel wires, oxygen gas, fly ash brick, and iron ore pellets.
Shares of the company today closed 8.82 percent higher to settle at Rs 80.80 apiece on the BSE. Later the share price gave a correction of a specific interest and it came back to its original share price.