Income Tax searches at Ramayana producer Prime Focus’ Mumbai offices; shares FALL 8%
Here's the latest update from the Bollywood world:
According to an exclusive report by CNBC-TV18, the Income Tax Department launched searches at Prime Focus' Mumbai offices on Wednesday morning, October 7. The report further shared that searches were also being carried out at the premises of certain individuals associated with the company.
Adding to this, Sources told CNBC-TV18 that the searches are in connection with foreign remittances. However, further details regarding the transactions being scrutinised or the exact nature of the investigation were not immediately available.
Meanwhile, The news had an impact on the stock market as shares of Prime Focus fell sharply, by 8% as per CNBC-TV 18, after reports of the Income Tax action surfaced on Wednesday morning.
Notably, Prime Focus, headed by Namit Malhotra, is one of India's leading media and entertainment services companies, with operations spanning visual effects, animation, post-production and content production. The company also has a significant international presence.
As per the latest buzz, The timing of the development is particularly noteworthy as Prime Focus Studios is behind Nitesh Tiwari's hugely anticipated Ramayana , starring Ranbir Kapoor, Sai Pallavi, Yash, Sunny Deol and Ravie Dubey. The movie is scheduled to arrive in cinemas this Diwali.
In further updates, As of now, neither Prime Focus nor the Income Tax Department has issued a detailed statement regarding Wednesday's searches. More details are awaited.
Source: Bollywood Hungama