Customs officials have conducted a six-hour search at the manufacturing unit of Epack Durable Ltd. in Rajasthan's Bhiwadi city, according to an exchange filing on Tuesday.
Personnel from the Special Intelligence and Investigation Branch of the Commissioner of Customs Office, Jaipur, started the search at 1 p.m. on Monday and concluded it at 7 p.m., the room air-conditioner original design manufacturer said.
The company had "extended full cooperation to SIIB officials by providing necessary assistance and documentation as requested", it said.
The SIIB officials conducted a thorough examination of the manufacturing plant, but did not seize any documents or items during the search, which was initiated under the applicable provisions of the Customs Act. The officials enquired about the technical specifications of the products that Epack manufactured at the plant, it said.
The development has "not impacted" normal operations of the company and the authority has not notified of any financial implication or impact, according to Epack.
In another filing, the company has incorporated a wholly-owned subsidiary named Epack Manufacturing Technologies Pvt.
The subsidiary, with an authorised and paid-up capital of Rs 1 lakh, received the certificate of incorporation from the Ministry of Corporate Affairs on Tuesday. Both the companies have Bajrang Bothra, Ajay Singhania and Laxmi Bothra as promoters.
The move will result in business growth as the company has entered into a strategic cooperation agreement with Hisense International Singapore Holding Pte. on Oct. 21, 2024. EMTPL will engage in the manufacturing of air conditioners and home appliances, including washing machines, refrigerators and other small domestic appliances for Hisense.
The share price of Epack Durable closed 4.04% higher at Rs 448.20 apiece on the BSE, compared to a 0.74% advance in the benchmark Sensex.
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