I-T dept conducts searches across several premises of Kalpataru group

Income Tax (I-T) department searched real estate development company Kalpataru group's premises in Rajasthan and Mumbai on Friday, CNBC-TV18 reported, citing sources.

Shares of Kalpataru Projects International, which is a part of Kalpataru Group, fell as much as 3.6 per cent following the report.

According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of "hundreds of crores" have been uncovered. 

In May this year, Kalpataru Power Transmission announced changing its name to Kalpataru Projects International. The name was changed after the receipt of approvals from shareholders and regulatory authorities including the Ministry of Corporate Affairs.

Also Read: Haier offices raided by income tax authorities at multiple locations

Earlier, Kalpataru Projects International arm Kalpataru Power Do Brasil Participaes Ltda. (KPBPL) has completed the acquisition of a 100 per cent equity stake in Fasttel Engenharia S.A., Brazil. Earlier in 2021, the KPBPL had acquired a 51 per cent stake in Fasttel along with management control.

"The KPBPL has on 10th July 2023 acquired a balance 49 per cent equity stake in Fasttel. Accordingly, Fasttel has now become WOS (wholly owned subsidiary) of KPBPL," a BSE filing stated.

The company through KPBPL has acquired the balance 49 per cent, aggregating to 9,71,090 equity shares, at a consideration of BRL 9,710.90, it informed.

I-T dept raids Delhi-Haryana pharma and realty cos; seizes cash and gold

KPIL is one of the largest specialised EPC (engineering, procurement and construction) companies engaged in power transmission & distribution, buildings & factories, water supply & irrigation, railways, oil & gas pipelines, urban mobility (flyovers & metro rail), highways and airports.

(With agency inputs)