Shaily Engineering Plastics share price declined more than 13 percent intraday on December 9 after the company's plant at Rania was searched by
GST authorities.
There was a search at the company's Rania plant by GST authorities and the same has ended, the company said in a release.
The company is extending all co-operation and the investigation and submissions by the company is continuing.
As part of the investigation, the authorities have seized some moulds belonging to the company as well as its customers. This is being contested by the company. There has not been any case of evasion of any duty which has been established as of now and the company has not received any show-cause notice from the authorities till date, the company added.
The company and its officials are cooperating in all possible manner to aid and complete the investigations. The company is working along with its legal counsel on the subject.
It also said neither the company nor its officials have agreed to any allegations of tax evasion.
The company and its officials have always conducted operations within the framework of law and strongly believe that this is completely unwarranted and continues to adopt the highest standards of governance, it further added.
At 14:26 hrs Shaily Engineering Plastics was quoting at Rs 589.95, down Rs 45.50, or 7.16 percent on the BSE.
Source: moneycontrol.com