Tayal Group firms under Central Excise, I-T scanner1 min read . Updated: 12 Sep 2013, 12:40 AM IST
The I-T and Central Excise departments are probing alleged bogus expenditure and duty evasion by several Tayal Group firms
Mumbai: The income-tax (I-T) and Central Excise departments have inspected the books of several companies run by Mumbai-based Tayal Group, promoters of the erstwhile Bank of Rajasthan (BoR), to investigate alleged bogus expenditure and duty evasion, according to two officials who spoke on condition of anonymity.
The result of the audit was not immediately known.
“Officials from I-T and excise department were at our offices and factories yesterday (Tuesday). This was a normal routine inspection," said a Tayal Group official. He too declined to be named.
Tayal family promotes several firms, including Jaybharat Textile and Real Estate Ltd, Eskay K‘n’IT (India) Ltd, KSL and Industries Ltd, Krishna Lifestyle Technologies Ltd, Asahi Fibres Ltd, Krishna Knitwear Technology Ltd and Single Point Security Solutions Pvt. Ltd. Of these, five are listed.
Tayal Group has been under the scanner of market regulator Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) for alleged manipulation of BoR stocks.
A Sebi investigation had found that Tayal had increased its stake in BoR through off-market deals “in a deceptive and fraudulent manner". BoR was later merged with ICICI Bank Ltd.