The Income Tax department conducted raids across all offices of Gitanjali Gems, a listed jewellery company, on account of under reporting in financial statements. Even after spending the whole day at Gitanjali offices, they did not get access to company’s financial accounts, sources told NDTV Profit.
I-T officials claimed that none of the senior management staff was available. Effort to reach Mehul Choksi, chairman of Gitanjali Gems did not elicit any response.
I-T sources told NDTV Profit that if officials from Gitanjali Gems fail to make themselves available for questioning or not co-operate with the department, it can issue absconding notices against the senior management.
Gitanjali Gems shares have gained 35 per cent over the past one year while major indices have slid by 30 per cent. The company has a market cap of Rs 3,000 crore.
On Monday, in a stock exchange announcement, the company said that it successfully completed conversion and redemption of its 1% Foreign Currency Convertible Bonds (FCCB) worth USD 110 million, which matured on November 25, 2011.
Further the Company has informed that, out of FCCBs issued, two-thirds of those bonds were converted into equity shares and balance matured on November 25, 2011.
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