The Income Tax (I-T) department is currently conducting a survey action on entities associated with the textile and apparel giant Raymond Group.
The survey, which started on Thursday and continued into Friday, focuses on the group’s real estate operations, according to sources familiar with the situation.
Unlike searches, a survey action is restricted to official premises and is carried out solely during business hours.
In a regulatory announcement on Friday, Raymond indicated that it is fully cooperating with the authorities.
“We would like to inform you that yesterday, certain officials from the Income Tax Department visited some of the company’s offices and manufacturing units in India to conduct a survey under Section 133A of the Income Tax Act, 1961. The proceedings are ongoing, and the company is fully cooperating with the officials,” stated Raymond in its filing.
Gautam Singhania is the chairman of Raymond Realty, a real estate company that was recently spun off from Raymond Ltd. He also serves as the chairman and managing director of the parent company, Raymond. Each Raymond shareholder received one share of Raymond Realty for every share held in Raymond.
