The Income Tax (I-T) department on Tuesday searched around 40 locations belonging to Astral Limited and Ratnamani Metals and Tubes Ltd across the country, including in Gujarat, for unaccounted income. A total of Rs 250 crores of unaccounted income is recovered from Ratnamani’s premises. It includes 1 Crore in cash, Rs 1 crore jewellery and total of 15 lockers. Investigations were carried out at 25 locations in Ahmedabad and 15 locations outside the city. Over 150 officials were a part of the search operation.
The company’s registered office is near Rajmukut society, Naranpura crossroads. The groups associated with Ratnamani: Monark Network and Astral Pipes are also under I-T radar.
Prakash Sanghvi is the chairman and managing director of Ratnamani Metals and Tubes company. The company was established in 1983. In 2020, the company had received an order worth Rs 216 crore for supply of carbon steel pipes in the domestic market. The firm’s manufacturing facilities are located at Chhatral and Indrad (near Ahmedabad) and Bhimasar (near Gandhidham, Kutch), in Gujarat.
Also Read: https://www.vibesofindia.com/gujarat-income-tax-raids-astral-pipes-and-ratnamani-metal-companies/
Ratnamani Metals and Tubes is engaged in providing total piping solutions to a diverse range of industries. On a consolidated basis, the company posted a 26.1% rise in net profit to Rs 71.52 on a 23.4% surge in net sales to Rs 711.70 crore in Q2 FY22 over Q2 FY21.
Ratnamani Metals and Tubes skid 3.65% to Rs 2,052.65 after the firm intimated regarding the search operations conducted by the Income Tax (IT) Department at its registered office, corporate office, branch offices and plants from 23 to 27 November 2021.
Earlier the company, in its press statement, said that, “during the search operations company extended its full co-operation to the Income Tax officials and provided all the information/ documents, sought for. We do not foresee any material impact on the company’s current or future business operations. Further, as an organization, the company continues to conform to the highest standards of corporate governance, as demonstrated in the past.”
