I-T dept conducts survey operation against Marico Group

Mumbai, Sep 17 (PTI) The Income-Tax Department on Wednesday conducted a survey operation at business premises of the Marico group across various cities on charges of tax evasion, official sources said.

The action against the home-grown FMCG (fast moving consumer goods) company promoted by the Mariwala family was undertaken by the Mumbai investigation wing of the department.

Confirming the development, Marico in a late night regulatory filing said: "Earlier today certain officials of the Income Tax Department visited some of the Company's offices and manufacturing units in India." The proceedings are underway and the Company is extending its full co-operation to the officials, it said.

Officials said the tax department teams scrutinised financial documents and transactions of the company as part of a tax evasion probe.

Marico, which operates in the food, edible oil and personal care segments with brands such as Saffola, Parachute, Livon etc. added that there was "no material impact" on the business operations of the company due to the I-T action.

The company, which has crossed Rs 10,000 crore turnover and aims to double it in next five years, said it will make necessary disclosures to bourses if there was "any further material update" on the subject.

As part of a survey operation, the tax department makes a surprise visit at the business premises of the entity under investigation. PTI NES KRH ZMN