Financial Daily from THE HINDU group of publications
Thursday, Oct 27, 2005


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Markets - Stocks
Industry & Economy - Economic Offences


Indiabulls Financial tumbles on I-T survey

Our Bureau

Mumbai , Oct 26

INDIABULLS Financial Services today said that Income-Tax Department had visited 3 out of 129 offices of its subsidiary Indiabulls Securities under a survey for the purpose of third party verifications.

Indiabulls, in a notice to stock exchanges, said the income-tax survey was related to collection of transactions and verification details of the clients of Indiabulls Securities who have dealt in penny stocks.

In the last one month, Indiabulls name has been repeatedly coming in SEBI orders against the promoters of various companies for manipulation of the stock price of their companies.

Several clients had done transaction in these stocks through Indiabulls.

The company said most of such client accounts had been already shut down by Indiabulls Securities as a part of its internal due diligence and compliance process.

The company informed that the purpose of visit of I-T Department was not related to any inspection on account of any companies of Indiabulls group.

Indiabulls group has paid around Rs 36 crore in income-tax for the first six months of the current financial year, the notice said.

The news of I-T officials visiting Indiabulls offices led to a sharp fall in the stock price of the company. At close, the stock of the company was down almost 10 per cent at Rs 158.10 at BSE.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Tata Safari Dicor

Stories in this Section
Franklin Templeton ties up with OBC


UTI Mutual stake in IVRCL goes up to 9.45%
Indiabulls Financial tumbles on I-T survey
Bear domination
Support evades mid/small-caps
Bharti seeks to authorise board to okay FII investments
HDFC to advise WL Ross AMC on investment in corporate turnarounds
Auto stocks in reverse gear; metal scrips lose sheen


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line