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Emmar MGF faces income tax inquiry
October, 15th 2007
Real estate company Emmar MGF, which plans to float an IPO to raise Rs 6,000 crore, is facing an income tax inquiry following raids on offices and premises of directors, promoters and group companies.

"During the course of these search and seizure operations (conducted on September 12, 2007), the income tax authorities have taken custody of certain material such as documents, records, computer files and hardware, and recorded statements of certain of our officials", said the draft prospectus filed by the company with SEBI for issuing 11.74 crore shares of Rs 10 at a premium.

It further said that search and seizure operations by the income tax authorities were conducted at the residences of certain directors, promoters and promoter group companies.

The tax officials, however, have not sent any demand notice in connection with the search and seizure operations as they are still "examining the materials seized and statements recorded during the course of operations", the draft prospectus added.

The company has also not made any provision for the tax liability that may arise in future on account of the search and seizure operations conducted by the income tax authorities.

According to the draft prospectus, "pending the completion of these proceedings, tax liability if any that may arise on this account, is presently unascertainable and will be recognised upon conclusion of search proceedings."
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