I-T officials raid Veritas (India) Ltd premises

Veritas (India) Ltd today said Income Tax officials carried out search and seizure proceedings for three days from September 10 at the premises of the company and promoters.
Mumbai-based Veritas (India) Ltd deals in international trade and distribution of chemicals, petrochemicals, polymers, rubber, heavy distillates among others.
The Company is in the process of collating and responding to all the queries raised by the Income Tax authorities and accordingly final report relating to search/survey operation will be concluded as per the laid down procedures, VIL said in a regulatory filing.
".. Under the provisions of Income Tax Act, 1961, Income Tax Authorities had carried out search and seizure proceedings at the premises of the Company, its promoters and its senior officials on September 10, 2015 to September 13, 2015," the company said.

It added that upon conclusion of the process, material development, if any, will be intimated in due course of time.
"The company continues to operate in normal course of business," the filing said.

VIL also has overseas subsidiaries and offices. It is broadly into three business verticals of trading, logistics and power generation.
However, the company's shares today breached the upper circuit limit and closed at Rs 94.75 per piece.
The company had reported net profit of Rs 8.53 crore in the first quarter of current financial year.