Income-tax officials on Tuesday raided the office and residential premises of senior executives of the Mumbai-based drug firm Elder Pharmaceuticals. The raids spanned across 20 premises in Mumbai and 6 in Himachal Pradesh, Uttaranchal and Raigarh, income-tax sources said.
About 150 tax officials participated in the raids which are expected to continue till Wednesday, sources added. An I-T source said the department suspected that the books of accounts of the pharma company was not in order, and there were reasons to suspect that the company's expenditure had been inflated.
At 11.49 am, Elder Pharma was trading at Rs311, down by 3.57%, with a volume of 0.22 lakh shares traded on the BSE.
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About 150 tax officials participated in the raids which are expected to continue till Wednesday, sources added. An I-T source said the department suspected that the books of accounts of the pharma company was not in order, and there were reasons to suspect that the company's expenditure had been inflated.
At 11.49 am, Elder Pharma was trading at Rs311, down by 3.57%, with a volume of 0.22 lakh shares traded on the BSE.
....more info