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Shaily Engineering Plastics Limited clarifies on media reports regarding GST Search

Posted On: 2019-12-08 14:54:26

Shaily Engineering Plastics limited has clarified in reference to the reports in the media regarding GST search at the premises of the company.

There was a search at the company's Rania Plant by GST authorities and the same has ended. The company is extending all co-operation and the investigation and submissions by the company is continuing.

As part of the Investigation, the authorities have seized some moulds belonging to the company as well its customers as part of the process which is being contested by the company. There has not been any case of evasion of any duty which has been established as of now and the company has not received any Show Cause Notice from the authorities till date.

The company and its officials are cooperating in all possible manner to aid and complete the investigations.

The company is working along with its legal counsels on the subject matter.

Further, as reported in media, we would like to clarify, that the company or its officials have not agreed to any allegations of tax evasion.

The company and its officials have always conducted operations within the framework of law and strongly believe that this is completely unwarranted.and continues to adopt the highest standards of governance.

Shares of SHAILY ENGINEERING PLASTICS LTD. was last trading in BSE at Rs.627.85 as compared to the previous close of Rs. 641.45. The total number of shares traded during the day was 784 in over 135 trades.

The stock hit an intraday high of Rs. 659.45 and intraday low of 627.85. The net turnover during the day was Rs. 501627.


Source: Equity Bulls

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