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Last Updated : Jul 03, 2017 02:30 PM IST

Taxmen conduct searches on Welspun Group's Mumbai offices: Source

The Income Tax Department has conducted searches on Welspun Group’s Mumbai offices, according to a source in the Income Tax Department. The I-T Department has allegedly found irregularities in the book entries of Welspun, claim the source

 
 
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The Income Tax Department has conducted searches on Welspun Group’s Mumbai offices, according to a source in the Income Tax Department. The I-T Department has allegedly found irregularities in the book entries of Welspun, claim the source, who spoke with Moneycontrol on condition of anonymity. The I-T search, which began on Friday last week, is currently into its second day, confirms the source.

The group is made up of Welspun Enter, Welspun Global, Welspun Corp, Welspun India and Welspun Invest.

Welspun Spokesperson said: "It is a routine search and the company is fully co-operating with them."

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The Welspun Group is USD 2.3 billion conglomerate, which is a fully integrated player within the pipes, plates & coils and home textiles sector. It also has a presence in the other business verticals such as steel, infrastructure and energy.

Welspun India was in news last August when one of its UK clients Target severed its USD 90-million contract citing sub-standard cotton supplies from the textiles exporter. Soon, other customers of Welspun India, notably Wal-Mart Stores, Bed Bath & Beyond and JC Penney also began reviewing Welspun product claims.

The Balkrishan Goenka-founded company since then has appointed a Big Four firm to carry out audits on its supply chain, and has taken steps to enforce better quality controls and work out labelling practices.

 

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First Published on Jul 3, 2017 11:34 am
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