Uflex surged 12.02% to Rs 423.60 after the company clarified that that the IT department did 'not seize anything incriminating' from the company in the raid conducted for seven consecutive days.
The Income Tax Department carried searches at the company's premises rom 21 February 2023 to 27 February 2023. Following the search, all stocks of raw materials, finished goods, work in process and other assets were found to be duly recorded and all books of accounts were found to be in order, the company said.Uflex added that "The search team has not seized anything incriminating. The company adheres to good business practices.
"With respect to certain media reports stating the alleged bogus transactions undertaken by the Company, seizure of evidence w.r.t irregularities running in thousands of crores, huge unaccounted income and similar other news flow pertaining to the Company, Uflex vehemently denies the authenticity of any such information and these can be best described as frivolous and baseless," the company clarified.
"It is relevant to add that even in the similar search carried out in the year 2014, media had gone on record to state huge discovery of huge unaccounted income at Uflex Limited, which was absolutely untrue and in the final reassessment by the IT dept, nothing of such sort was found," it stated.
Uflex is India's largest multinational flexible packaging and solutions company. The company has a presence across all verticals of the packaging value chain - flexible packaging, packaging films, aseptic liquid packaging, holography, printing cylinders, engineering, and chemicals.
The company reported a consolidated net loss of Rs 85.41 crore in Q3 December 2022 as against net profit of Rs 313.21 crore in Q3 December 2021. Sales rose 0.53% YoY to Rs 3405.73 crore in Q3 FY23.
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