2 hrs ago
Income Tax Searches Prime Focus Offices Amid Overseas Funds Inquiry
Tax officials reportedly searched offices connected to Prime Focus in Mumbai on Wednesday.
They also reportedly searched some other places linked to company head Namit Malhotra and the company’s chartered accountant.
Officials are looking at financial papers and transactions.
Reports say they are checking whether money was moved overseas and whether there were tax or other financial problems.
The searches may be connected to evidence found in earlier operations.
No detailed official explanation of the transactions has been released.
Prime Focus shares reportedly fell about 8% after news of the searches.
The company is also involved in making the film Ramayana.
The Income Tax Department reportedly searched Prime Focus offices in Mumbai on Wednesday.
Searches were also reported at locations associated with Namit Malhotra, including his residence, and the company’s chartered accountant.
Investigators are reportedly examining financial records and transactions involving alleged tax evasion, irregularities and overseas fund transfers.
The searches are said to follow earlier Income Tax operations that recovered documents and financial evidence; no detailed official statement has been made public.
Prime Focus shares reportedly fell around 8% after the news emerged, as the company prepares for its role in the film Ramayana.
- Who
- India’s Income Tax Department and Prime Focus, headed by Namit Malhotra.
- What
- Reported searches at Prime Focus offices and other associated locations, with investigators examining financial records and transactions.
- Where
- Mumbai, India, and other locations associated with Namit Malhotra and the company’s chartered accountant.
- When
- Wednesday; the articles do not give a specific date.
- Why
- The searches reportedly concern suspected tax evasion, financial irregularities and overseas fund transfers.
Key facts
- Company
- Prime Focus, headed by Namit Malhotra
- Search locations
- Prime Focus offices in Mumbai and other locations reportedly associated with Namit Malhotra and the company’s chartered accountant
- Reported areas of inquiry
- Financial records, alleged tax evasion, financial irregularities and overseas fund transfers
- Earlier operations
- The searches are reportedly connected to documents and financial evidence recovered during earlier Income Tax operations
- Reported share movement
- Prime Focus shares fell around 8% after the search news emerged
- Film connection
- Prime Focus Studios is behind Ramayana, directed by Nitesh Tiwari and produced by Namit Malhotra
- Official comment
- No detailed official statement from the Income Tax Department or Prime Focus about the transactions under investigation had been made public
Sources
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