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Polycab: Polycab Update: IT dept putting out press release without sending notice, a travesty of justice from procedural perspective: Shriram Subramanium

Shriram Subramanium says: “Ideally the department should first have sent the demand notice and given the opportunity to the company and then put out the press release, if anything. The company has admitted that during December 22nd to 25th, there were raids on its premises across India, on its dealer networks. But the demand itself is not clear to anybody for that matter.” ....

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Polycab India I-T raids: Will it singe other wire and cable manufacturers' valuations?

About Rs 15,486 crore of market capitalisation was wiped out from the Polycab stock following the Income Tax Department s allegations that the company had made unaccounted cash sales of around Rs 1,000 crore. ....

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Cable shockers: Ultracab promoters' stake sale makes Polycab's poor governance look pretty

As of September 2023 end, promoters held 59.59 percent stake in Ultracab India which fell to 27.89 percent at the end of December. ....

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Polycab I-t Raids: Wire on fire! Polycab stock derating looks inevitable after income tax raids, ET Telecom

Polycab I-t Raids: "The Company understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search," Polycab said. ....

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'If you aren't diversified in India, you're a fool': Finfluencer warns retail investors as Polycab falls 20%

I-T Department found unaccounted sales worth Rs 1,000 cr during a search at the wire and cable maker in December ....

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