Shares of Brainbees Solutions, which operates the omnichannel kidswear brand FirstCry, fell over 2% on November 7 as the company said it faces investigation by GST department in Mumbai.
"We wish to inform you that the Assistant Commissioner of State Tax, Mumbai has initiated a search/inspection on 6th November 2024 at the head office of the Company in Pune and at one of its warehouses located at Bhamboli in Maharashtra," said Brainbees Solutions in a stock exchange filing.
The companty said the inspection happened under sub-section (1) / search under sub-section (2) of Section 67 of MGST Act 2017.
At 11:45 am on November 7, FirstCry shares on BSE were trading 2.5% lower at Rs 610.45 apiece.
The company said it is co-operating with the officials and is responding to all the clarifications and details sought by them and that this has not impacted the operations of the company, which are continuing as usual.
"We would like to emphasise that the company has always maintained high standards of integrity, corporate governance, and compliance in all aspects of its operations, including the prompt payment of applicable taxes. We remain committed to upholding these standards.
The company will provide material updates on this matter to the stock exchanges, as applicable," said the company.
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