Oberoi Realty Clarifies On IT Raids On Its Premises

New Delhi: Accepting that the Income Tax (IT) authorities have initiated search and seizure operations on its premises, Oberoi Realty today said it cooperating and extending all assistance in this regard.

In a clarification sought by the Bombay Stock Exchange on the news report filed by Moneycontrol.com regarding the raid, the company replied “The IT Activity is currently ongoing and we have not received any communication from the Income Tax authorities regarding the aim or intent of the IT Activity. We are, therefore, also unable to comment in detail at this stage on various assertions made in the news which appeared in the “www.moneycontrol.com” dated August 20, 2019 or the impact of the IT Activity on the Company. We, however, deny all unsubstantiated allegations as we believe the same are incorrect and misleading and we are not aware of the source of information published in the Money Control News Report. “

Oberoi Realty also said it implements highest principles of corporate governance and will continue to do so.

 

Earlier this week, Moneycontrol.com had reported that the IT department had raided the realty firm and its vendor vendor Capacite Infraprojects to probe suspicious fund trails in the companies. 

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