Shaily Engineering Plastics slumped 9.99% to Rs 572 after GST search at the premises of the company.
The company informed on Saturday, 7 December 2019, that there was a search at its Rania plant in Gujarat by Goods and Services Tax (GST) authorities and the same has ended. The company said it is extending all co-operation and the investigation and submissions by the company is continuing. As part of the investigation, the authorities have seized some moulds belonging to the company as well its customers as part of the process which is being contested by the company.There has not been any case of evasion of any duty which has been established as of now and the company has not received any show cause notice from the authorities till date. The company and its officials are cooperating in all possible manner to aid and complete the investigations. The company is working along with its legal counsels on the subject matter. Further, the company denied any allegations of tax evasion.
The company's net profit fell 1.7% to Rs 5.64 crore on 1.4% rise in net sales to Rs 87.58 in Q2 September 2019 over Q2 September 2018.
Shaily Engineering Plastics is engaged in the manufacture of plastics products.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
