Shares of Polycab India Ltd will be in focus on Wednesday morning after the company denied rumours of tax evasion by the company and said it has not received any communication from the Income-tax department regarding the outcome of December 2023 search operations that were conducted at some of the premises related to the company.
A report by CNBC TV18 had suggested that the income tax department detected Rs 250-300 crore of transactions booked in the company’s promoter accounts, following which Polycab India shares plunged 9 per cent on Tuesday.
In a filing to BSE, Polycab India said it remains focused on its mission to provide quality products and services to its customers while upholding the principles of corporate governance and ethical business practices.
"The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec ’23. The company has not received any communication from the Income-tax department regarding the outcome of the search," it said.
To recall, the tax department had conducted search opeartions at Polycab's premises from December 22, 2023. It concluded search operations on December 30, 2023. Polycab India said it fully cooperated with the officials of IT department during the proceedings and responded to the clarifications and details sought by them.
"Polycab India remains focused on its mission to provide quality products and services to its customers while upholding the principles of corporate governance and ethical business practices," it said post market hours of Tuesday.
Polycab India is a electrical goods company. It is the largest domestic manufacturer of wires and cables with a consolidated turnover of Rs 14,100 crore in FY23.
