Dishman Carbogen gains 10% after I-T dept concludes searches
Motilal Oswal Asset Management Company Limited sold 812,573 equity shares of the company at Rs 73.62 apiece on the BSE on Tuesday through bulk deal.
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Shares of Dishman Carbogen Amcis Limited halted its losing run on Thursday to hit the 10 per cent upper circuit on the BSE at Rs 79.30, recovering 12 per cent from its early morning low after the company said the Income-Tax (I-T) department had concluded searches at its offices and manufacturing sites. The stock hit an all-time low of Rs 71 in intra-day trade today.
In a regulatory filing, the company today said the I-T department's search operation was concluded on Wednesday (December 25, 2019).
Earlier, in past three trading days, the stock of pharmaceutical company tanked 38 per cent on the I-T raid.
In a regulatory filing on December 19, the Ahmedabad-based company had said that “the officials of Income-Tax Department have visited the company’s Head Offices and Manufacturing sites in connection with search under Section 142 of the Income-Tax Act and search enquiry is continuing.”
According to a PTI report, a total of 19 properties -- 12 residential and seven offices -- of the group, commonly known as Dishman Group, were searched in and around the city. The pharmaceutical major and its subsidiaries in other countries were suspected to be involved in 'routing money through accommodation entries', the report said, quoting a senior I-T department official.
"Company has extended full co-operation to the officials during the search and provided all the information sought. The search operation was concluded on 25th December, 2019," the company said.
"We at Dishman Carbogen Amcis Ltd., follow the highest standards of Corporate Governance and Financial Discipline. Our systems and processes are benchmarked by competent auditing and accounting standards, our dealings with our partners, investors, financial institutions and our clients are transparent and of the highest Industry standards," it said.
In a regulatory filing, the company today said the I-T department's search operation was concluded on Wednesday (December 25, 2019).
Earlier, in past three trading days, the stock of pharmaceutical company tanked 38 per cent on the I-T raid.
In a regulatory filing on December 19, the Ahmedabad-based company had said that “the officials of Income-Tax Department have visited the company’s Head Offices and Manufacturing sites in connection with search under Section 142 of the Income-Tax Act and search enquiry is continuing.”
According to a PTI report, a total of 19 properties -- 12 residential and seven offices -- of the group, commonly known as Dishman Group, were searched in and around the city. The pharmaceutical major and its subsidiaries in other countries were suspected to be involved in 'routing money through accommodation entries', the report said, quoting a senior I-T department official.
"Company has extended full co-operation to the officials during the search and provided all the information sought. The search operation was concluded on 25th December, 2019," the company said.
"We at Dishman Carbogen Amcis Ltd., follow the highest standards of Corporate Governance and Financial Discipline. Our systems and processes are benchmarked by competent auditing and accounting standards, our dealings with our partners, investors, financial institutions and our clients are transparent and of the highest Industry standards," it said.
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