The income tax department is conducting search operations at Embassy Group on alleged tax evasion. People in the know, have told CNBC-TV18 that the IT department is searching We Work premises in Bandra-Kurla Complex (BKC), Mumbai.
It is also learnt that searches are underway at Bengaluru and Gurugram premises linked with the Embassy group.
The search operation at BKC, Mumbai is at the premises of IndiaBulls Real Estate.
In a statement released to the media, the Embassy Group has called this a "routine income tax inquiry".
The statement reads, “This is routine income tax inquiry - Embassy Group has always acted and will continue to act in accordance with the provisions of all applicable laws and regulations while maintaining the highest standards of corporate governance. We have extended our complete compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual.”
It's not just the Embassy Office Parks stock which is in the red. The Indiabulls Real Estate stock has also taken a 4 percent hit in today's trade.
(Edited by : Abhishek Jha)
First Published: Jun 1, 2022 9:58 AM IST
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