This is the latest statement issued by Polycab to Exchanges and SEBI. They still claim that they are not engaged in any wrongdoings.
66497f46-77ba-46af-8b72-709f3ed93954.pdf (237.7 KB)
This is (i) in furtherance to the clarification dated December 22, 2023, the intimation dated December 25, 2023, the intimation dated December 26, 2023, the intimation dated December 30, 2023, the press release dated January 9, 2024 and the clarification dated January 10, 2024 provided by the Company to the Stock
Exchange, and (ii) in relation to the clarification sought by the Stock Exchange on January 11, 2024. In this regard, please see below our responses:
-
As indicated in above-mentioned clarification and intimations, the Income Tax Department (“IT Department”) officials had initiated a search proceeding at some of the premises / plants of the Company from December 22, 2023, to December 30, 2023 (“search proceeding”). The Company has fully cooperated with the officials of IT Department during the Search Proceedings and responded to
the clarifications and details sought by them. -
The Company understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 (at 8:06 pm) by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the
search. As indicated above, the Company has made intimation from time to time in relation to the said search proceeding. -
While the post search proceedings will take its own course, the Company will continue to fully cooperate with the IT Department in this regard.
-
There is no material adverse impact on the financial position of the Company.
-
The Company shall continue to inform the stock exchange(s) from time to time in relation to development on the said search proceeding.
The Company is an ethical and law-abiding company and follows the best corporate governance practices. Kindly take the same on your record.
Subscribe To Our Free Newsletter |