Navi Mumbai-based real estate company Arihant Superstructures is under pressure, as the Income Tax department has reportedly conducted raids at the company premises.
IT Department Raids Arihant Superstructures
The raid was conducted by the tax department over allegations of tax evasions and undisclosed income.
The company has issued a statement in which it confirmed the action by the taxman. The company corroborated that the Income Tax department conducted a raid at its premises and those of the Global Group.
The company, in the meantime, also defended itself and asserted upon its transparency. Arihant Superstructures claimed that no irregularities were found. |
The company, in the meantime, also defended itself and asserted upon its transparency. Arihant Superstructures claimed that no irregularities were found.
The infra group has claimed to have provided all necessary documents to the officials as required.
The company has projects in the MMR region with 14 projects and a few projects in Jodhpur. The company claims to have completed about 9,500 residences totalling 10 million square feet during the last 20 years.
The company is headed by Ashok Chhajer.
Company Shares Drop
The company shares have declined in value, following the disclosure of the news. The company shares that started the opened flat traded cautiously, before dropping value, as the day after the news was revealed.
At the time of writing, before the closing of the day's trade on Wednesday, the company shares dipped in red.
At the time of writing, decline in the company shares stood at 0.53 per cent or Rs 2.10, taking the overall of the company shares to Rs 392.10 per piece.
This decline in value today, has brought the overall decline in the past five trading sessions to 5.97 per cent or Rs 24.85 per piece.
