The following article of business standard states as follows
Uflex surged 12.02% to Rs 423.60 after the company clarified that that the IT department did ‘not seize anything incriminating’ from the company in the raid conducted for seven consecutive days . The Income Tax Department carried searches at the company’s premises rom 21 February 2023 to 27 February 2023
The concern with uflex is that there are few companies holding around 10% stake in uflex who are promoters e.g flex international pvt ltd (13.3 %), anishka investments pvt ltd (7.99%) … so absence of a substatial stake holder is a concern
secondly the company is in loggerheads with IT dept regarding taxation issues
thirdly the steady rise is debt from 1935cr in 2012 to 5379cr in 2022 and the pledge percentage from promoters is also a concern
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