BackIncome tax department searches Welspun Enterprises premises
The Income tax department conducted searches at various locations of Welspun Group from 30 June 2017 to 3 July 2017
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New Delhi: Infrastructure company Welspun Enterprises on Tuesday said it has extended full cooperation to the Income-Tax department during the search conducted by the authorities at various locations of the group.
“We confirm that a search under section 132 of the Income Tax Act, 1961 was conducted by Income Tax authorities at various locations of Welspun Group from June 30, 2017 to July 3, 2017," the company said in a filing to the BSE.
Welspun Enterprises, part of the $2.3 billion Welspun Group, however, said, “No material findings have come to our notice." The company extended its full cooperation to the authorities, it added.
Shares of the company on Tuesday gained 5.66% to close at Rs114.85 apiece on BSE.
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