MUMBAI: The Income Tax authorities have run searches on Embassy Group’s premises across Bengaluru, Gurugram and Mumbai for alleged tax evasion, multiple sources confirmed to TNIE.
The Bengaluru IT unit is leading the searches. While a query to tax authorities was awaited, the Embassy Group spokesperson said, “This is a routine income tax inquiry - Embassy Group has always acted and will continue to act in accordance with the provisions of all applicable laws and regulations, while maintaining the highest standards of corporate governance. We have extended our complete compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual.”
The Embassy Group - Indiabulls Real Estate merger has entered the final lap with NCLT Chandigarh's approval for the same pending. The NCLT Chandigarh will decide on the merger approval next month. NCLT Bengaluru has okayed the merger.