In the first phase of the probe, the Western Regional office has started a probe against Pratibha Industries, Valecha Engineering and Yash Birla Group.
In an interview to CNBC-TV18 Aashish Tater of fortunewizard.com shared his reading and outlook on the market.
With Yash Birla's name being made public by the Swiss government in relation to an information request from the Indian tax authorities, his business group on Tuesday said he has "no individual bank account in his name or under his control".
"We have conducted searches at 20 locations of five Yash Birla group companies in connection with allegations of tax evasion," a source from the I-T department said here late this evening.
The objective of bringing back growth has not been met. The only slight silver lining is the increase in outlays to the infrastructure sector, but, given the massive requirements of this sector this is likely to be seen as too little.
Government has no option but to raise both excise and service taxes this year. There are issues with respect to withholding taxes that need to be taken care of.
Yash Birla Group Company Birla Pacific Medspa has fixed the issue price of the company at Rs 10 per share, the lower end of the price band.
Diversified conglomerate firm Yash Birla Group today said it has acquired 51% stake in Mansycom Consultants for an undisclosed amount.
The initial public offer (IPO) of Yash Birla Group company Birla Pacific Medspa has been subscribed 1.18 times.
The present IPO is a fresh Issue of Equity Shares of Rs10 each aggregating to Rs 65.175 cr. The offer is being made in the price band of Rs10 – Rs11 a piece. Thus, the issue quantum would be around 6.52 cr shares or 5.93 cr shares depending on the offer price which translates into 58% or 56% of the company’s post-IPO equity.