Godawari Power & Ispat Ltd (GPIL) today said the Income Tax (I-T) department conducted searches of the firm’s offices, factory premises and residences of some of its key managerial personnel.
“I-T Department has conducted search u/s 132 of the Income Tax Act, 1961 in the offices and factory premises of the company and its subsidiary companies and the residential premises of some of its key managerial personnel commenced on July 29, 2015,” Godawari Power & Ispat said in a BSE filing.
The company is extending full cooperation in the search process to the department in completing the enquiry. The material impact, if any, on the company will be intimated in due course of time on completion (of) process, it added.
“Business operations of the company and its subsidiary companies are being continued as usual,” the filing said.
GPIL, part of the Raipur-based Hira Group of Industries, manufactures long products of steel, mainly mild steel wire.
The company produces sponge iron, billets, ferro alloys, captive power, wires rods (through subsidiary company), steel wires, oxygen gas, fly ash brick and iron ore pellets.
Shares of the company today closed 8.82 per cent higher to settle at Rs 80.80 apiece on the BSE.