Aurobindo Pharma declares Rs 30 crore of undisclosed income
Income Tax (IT) department's aggressive search operation and raids on numerous units of the Aurobindo Pharma forced the pharmaceutical giant to declare its undisclosed income of Rs 30 crore for this fiscal.
IT officials carried out simultaneous raids on around fifteen units of Aurobindo Pharma and seized several valuable documents and records of the company.
The raids forced the company to postpone the meeting of its board members. The meeting was scheduled for Friday to discuss the company’s third quarter that ends on February 13, 2012.
The IT department confirmed that further probes against the firm and its key officials would be carried out.
An IT officer, who was part of the search team that undertakes all probes, said, “There will be further investigations against the firm and key officials will be interrogated soon to establish if the group has any further undisclosed earnings.”
The new of IT raids dragged shares of the company down on Friday.
Shares in Aurobindo Pharma slipped as much as 6 per cent to Rs 108 before closing at Rs 110.65 on Bombay Stock Exchange.
