Mumbai Market Unaffected By Mahendra Brothers Tax Raid
August 10, 11
(IDEX Online News) – A raid by income tax authorities took place early Monday morning, on several premises of the Mahendra Brothers group in
While there was no comment from the company, market sources said there were no worries of any fallout from the raid on the rest of the Indian diamond industry and the Mumbai diamond market continued trading unaffected by the raid.
According to tax authorities, Mahendra Brothers was on a list of 700 firms they have been “keeping an eye on.”
Safes at the firm’s offices in the Panchratna building in Mumbai’s Opera House district have been sealed, as were its diamond-processing unit in the SEEPZ export zone along with four other units in the town of
Sources said that while documents were being scrutinized, the authorities had seized nothing yet.