Income Tax Department raids Deepak Fertilisers and Petrochemicals Corporation's office premises, plants

'The search and seizure operations are still continuing, and the company is extending full cooperation...,' the Pune-based Deepak Fertilisers and Petrochemicals Corporation said

Press Trust of India November 16, 2018 16:31:17 IST
Income Tax Department raids Deepak Fertilisers and Petrochemicals Corporation's office premises, plants

New Delhi: Deepak Fertilisers and Petrochemicals Corporation on Friday said the Income Tax department was carrying out search and seizure operations in the company's office premises and plants since on Thursday.

"The search and seizure operations are still continuing, and the company is extending full cooperation...," the Pune-based company said in a regulatory filing.

The company assured that it is following the highest standard of corporate governance and compliances while conducting its business operations and would continue to do so.

"We will keep all the stakeholders informed of the outcome, on the conclusion of the search proceedings," it added.

Deepak Fertilisers has posted a consolidated net profit of Rs 18.51 crore for the second quarter of 2018-19, down from Rs 42.73 crore clocked in the same quarter previous fiscal.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

I-T raids on Karnataka minister DK Shivakumar: Game of 'resort politics' vs 'raid politics' shames democracy
Politics

I-T raids on Karnataka minister DK Shivakumar: Game of 'resort politics' vs 'raid politics' shames democracy

Only time will tell if the money recovered from Shivakumar was meant to be used by Congress to make its own offers to its MLAs. But the raid at this juncture raises questions over its immediate motives

Demonetisation: Narendra Modi’s black money figures in I-Day speech are confusing; govt owes an explanation
Business

Demonetisation: Narendra Modi’s black money figures in I-Day speech are confusing; govt owes an explanation

if the prime minister meant Rs 2 lakh to Rs 3 lakh crore as black money recovered from habitual tax cheats post-demonetisation, more clarity is warranted on these numbers

Chennai: Income tax raid at Tamil Nadu chief secy P Rama Mohana Rao's residence
India

Chennai: Income tax raid at Tamil Nadu chief secy P Rama Mohana Rao's residence

The Income Tax (I-T) department officials on Wednesday raided the house of Tamil Nadu Chief Secretary P Rama Mohana Rao.