No disruption at production due to I-T searches: Pipavav

SKIL Group's flagship company Pipavav Defence and Offshore Engineering today said there was no disruption of any kind at its production units due to income tax officials visiting the firm's premises last week for verification of certain issues.

"There was no disruption of any kind at the production units and the business of the company was carried out as usual," Pipavav Defence and Offshore Engineering Company, formerly known as Pipavav Shipyard, said in a filing to the Bombay Stock Exchange today.

It said the company extended full cooperation to the Income-Tax Department officials who visited its premises for verification of certain issues for which required information was provided to their satisfaction.

Income tax officers on October 12 searched the office premises of SKIL Group, which runs Pipavav Shipyard, in Mumbai and in New Delhi for suspected tax evasion.

Shares of the company today closed 1.74% down from the previous close at 84.60 a scrip on the BSE.

Pipavav was in the news recently for the joint venture it forged with state-owned Mazagaon Docks to build warships and submarines for the Navy.

The first-of-its-kind joint venture had, however, been put on hold by the government in the wake of complaints from Pipavav's rivals Larsen & Toubro and ABG Shipyard.