New Delhi, Nov 9 (SocialNews.XYZ) Som Distilleries and Breweries said that a search and seizure operation by the Income Tax Department at the Company’s Corporate office and Factories of the Company was being conducted since November 7.
“The Company has been cooperating with the officials during the proceedings and responded to the clarifications and details sought by them,” it said.
“The business operations of the Company continue as usual and have not been impacted due to the search. We will comply with our legal obligation for disclosure from time to time and will update you on further developments in near future as and when the situation permits. This may also be treated as price sensitive information as per Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015,” the company said.
The company’s corporate office is in Bhopal while the registered office is in Delhi.
Som Distilleries and Breweries share price dropped by 4.3 per cent at Rs 286 on BSE on Thursday.
The company recently unveiled a strategic contract manufacturing agreement in Jammu and Kashmir for the manufacture of IMFL.
The company said, "This will further fortify our commitment to delivering high quality products to the Canteen Stores Department (CSD)."
"This will also lead to a shorter turnaround time for the supply of our products to the northern and border regions of the country," the company said.
(Sanjeev Sharma can be reached at Sanjeev.firstname.lastname@example.org)