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The Income Tax Department's Mumbai investigation wing has launched survey operations at Marico's offices, factories, and dealer premises over allegations of tax evasion. Officials are reviewing financial documents, overseas transactions, and questioning senior employees. Staff devices have also been seized for examination. Marico, which reported a turnover of USD 1.3 billion in the 2024-25 fiscal year from India and international markets, has not released a public response. Market reports showed Marico's shares falling by over 1 per cent intraday after news of the tax survey emerged.
The Income Tax Department conducted survey operations at multiple business premises of Marico in Mumbai and other locations during the past week, in connection with suspected tax evasion. Officials confirmed that the Mumbai investigation wing of the department is carrying out the action. Teams are reviewing financial records, examining documents, and tracking transactions of the company as part of the investigation. Advertisement
The survey extended to Marico's corporate offices, manufacturing facilities, and dealer networks. According to sources, senior employees are being questioned, and certain staff members' mobile phones have been taken for examination. Authorities are also checking transactions linked to overseas funding to understand compliance levels.
Marico, a leading consumer goods company in the beauty and wellness space, has significant operations in India and selected Asian and African markets. In the 2024-25 fiscal year, the company reported a turnover of USD 1.3 billion. The company has not issued a statement so far on the ongoing Income Tax Department action.
Survey operations by the department typically involve unannounced visits to business locations to verify accounts and collect information. This exercise is part of standard practice when concerns of possible tax irregularities arise. Reports from financial outlets noted that Marico's stock price dipped around 1.15 per cent intraday following news of the survey.
Source PTI
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