The Income Tax Department’s raid on Trident Group and IOL Chemical Company in Punjab continues for the second day. According to the officials, this raid is going to continue for about 5 to 7 days. Currently, the team has taken possession of the documents of many properties and mobiles of the family members. The raids are not limited to the offices of Rajinder Gupta and his relative Rajni Baxter, the houses of many senior employees are also being raided. Trident Group operates in yarn, home textile, paper, stationery, chemicals and adaptive power sectors.
Paramilitary forces have been deployed for security. According to the information received, 35 teams of the Income Tax Department have arrived to conduct raids.
The raids are reportedly being conducted for showing deficit in the balance sheet. In the last few years, these companies had shown a decline in their income, in which Trident Group has shown an income of Rs 91 crore as compared to Rs 128 crore in June 2022. Along with this, the cash flow in March has also been shown to be negative by Rs 144 crore. Along with this, IOL has also recorded a decline of .32 percent in its revenue this year compared to last year.
These companies are IPO registered companies and the shares of these companies have doubled to triple in the last one year. Yesterday, only Trident Group’s shares fell by two to three percent, while shares of the other two companies, IOL and Crimica, are trading in the green.
The stock exchange team of Trident Company is busy looking for connections in the stock market. On the other hand, the staff exchange office of the Trident Company remained locked till late evening and the staff of the paramilitary force who brought income tax remained there. According to the information, today any director of the company can open this room and only after that the income tax department will be able to collect the related records from here.
The outcome of the raids is still awaited.
