The Income Tax Department is in the process of conducting search operations on realty developer company Omaxe Limited. According to sources, the search began at 7 am on Monday at various office locations of the company.
According to a CNBC-TV18 report quoting sources, people privy to the move have said that the searches were being conducted at 28 locations in North India, including office and residential premises of top company management in Noida, Delhi, Gurugram, Faridabad, Chandigarh, etc.
As per the report, the action of the Income Tax Department is linked to investigations that found out alleged irregularities and concealment of income by the company.
As the I-T Department conducted the raids, the stock of the company also plunged sharply and was down by 2.6 per cent at 1 pm IST. The stock of Omaxe Limited opened at Rs 87.35 on the day. The stock’s daily high was Rs 89.4 but hit its lowest at Rs 78.3, as per CNBC.
In the December 2021 quarter, Omaxe Limited reported a consolidated rise of 75.34 per cent in income. However, the company reported loss of Rs 38.56 crore for the same time period.
The company’s realty projects are based in Lucknow, Ludhiana, Prayagraj, New Delhi, among others.
“The festive quarter has shown good growth in home sales across geographies. The demand has been broad-based and on a consistent upward trajectory. For Omaxe, new customers with niche taste have contributed to the demand in State Capitals and Tier 2/3 cities. As a result, cities like Ludhiana, Lucknow, New Chandigarh, Indore etc. have shown faster and strong recovery, Atul Banshal, Director Finance, Omaxe Limited had said at the time.
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