As Adani Group companies grow scrutiny, Indian government officials inspected Adani Wilmar Ltd.'s warehouse and office in the state of Himachal Pradesh to find out if there are any tax violations.
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The Department of State Taxes and Excise has taken some documents into their custody and officials are examining them, said Naresh Chauhan, chief media adviser to the Himachal Pradesh Chief Minister. He said it was a routine inspection on Wednesday to find out whether there was any tax evasion.
In recent weeks, Billionaire Gautam Adani's companies have suffered a stock meltdown after US short-seller Hindenburg Research accused the conglomerate of manipulating and accounting fraud, which executives have denied. The fallout extended beyond financial markets with an increasing focus on close ties between the embattled tycoon and Prime Minister Narendra Modi.
A spokesman for Adani Wilmar said the depot in Parwanoo, Himachal Pradesh, was visited by tax officials, but they did not find any irregularities in the operations and dealings conducted by the company.
In response to Bloomberg questions, the spokesperson said that this was a routine inspection. All our operations are in compliance with the laws and regulations and we are committed to doing business in a responsible and transparent manner. After the visit, the depot operations are normally up and running.
Singapore-based Wilmar didn't respond immediately to emails seeking comment on the tax officials visit. The company said last week it will continue to support Adani Wilmar. The joint venture was founded in 1999 and is now one of India's fastest growing packaged-food companies, providing essentials such as edible oil, wheat flour, rice, pulses and sugar.
Adani Wilmar's shares went up by 5.1% on Thursday to head for a third day in a row of increases. The stock has lost almost 30% this year.
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