Raids on Uflex Limited: Income Tax department investigating possible tax-related offenses

21-02-2023 : Sources have reported that the Income Tax department is conducting raids on Uflex Limited, a multinational packaging solutions provider, across 64 locations in India. The searches are taking place in several states including Uttar Pradesh, Delhi, Gujarat, Maharashtra, Madhya Pradesh, West Bengal, Jammu and Kashmir, Haryana, Tamil Nadu, Uttarakhand, and Himachal Pradesh. The reasons behind the raid and whether there are any financial misappropriation or tax-related allegations against the company are unknown at this time.

Meanwhile, shares of Uflex traded lower at Rs 473 apiece on NSE, down by nearly 2.50 per cent from the previous close of Rs 486.10.

UFlex, founded in 1985, is India’s largest multinational flexible packaging and solutions company.

          Further details are awaited as the investigation continues.