Shree Cement refuted the media reports that alleged the company of evasion of Rs 23,000 crore in taxes in what is being said to be one of the biggest, unearthed during tax searches at Shree Cement offices in Rajasthan’s Beawar, Jaipur, Chittorgarh and Ajmer. The company, in a regulatory filing, said that the survey initiated by the Income Tax Department is ongoing and the company is extending its full cooperation. “We believe that the captioned news-item appearing in the media is baseless and speculative in nature. Hence, we would like to refrain from making any comments,” it said.
While maintaining that it is timely intimating the stock exchanges about all the information, Shree Cement stated, “In this regard, please note that the survey by the Income Tax department was started on 21st June 2023. The Company had informed the Stock Exchange about the same on 21st June 2023 itself.” Shree Cement further stated that when it gathered some “negative and incorrect information” about the company and its officials in the media, it immediately issued a clarification.
“Since the survey is yet to be concluded, we are unable to make an assessment of its impact. We shall update the Stock Exchange in case there is any material impact resulting from the above survey,” it said.
Earlier, a mediahouse, citing sources, had reported that the company siphoned off Rs 1,200- Rs 1,400 crore every year in tax because of which the Centre and the state government suffered a huge loss of revenue due to ‘fake agreements’. The report had added that the deductions claimed by the company were false and the tax officials recovered forged documents. However, FinancialExpress.com could not verify the report.