Income Tax Department searches Pipavav’s premises
MUMBAI: The Income Tax Department on Wednesday searched the premises of Nikhil Gandhi-promoted Pipavav Defense and Offshore Engineering Company in Mumbai. “We have conducted a raid on Wednesday and the details are awaited on Thursday.
Since Gandhi is also a key player in the defence-related business, we would not be able to divulge details,” said a senior I-T official. ET has learnt that Nikhil Gandhi is also being questioned by the officers from the department who also said that the I-T action would continue till late on Wednesday night.
The raids were conducted based on information that the company has allegedly amassed undisclosed income. Pipavav Defence had in September signed a deal with government-controlled Mazagon Dock which later ran into trouble after rival shipyards, including country’s largest infrastructure company Larsen and Toubro and country’s largest private shipyard ABG Shipyard, complained about lack of transparency in the deal.
While the government has now cleared Mazagon dock for their selection process, a formal approval of the deal is still awaited. Nikhil Gandhi, who holds 21% stake in Chennai-based Everonn was also raided by CBI last month. Shares of Pipavav slumped by more than 4% in the afternoon following reports of the raid.
Read full article: Economic Times
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