DIVI LABS RAIDED SUSPECTING TAX EVASION

I-T raids on Divi’s Lab

Hyderabad: Suspecting Tax evasion, I-T sleuths raided Divi’s Laboratories Limited. Around half a dozen teams of the anti-tax evasion department carried out searches at the Corporate office in Cyber hillGachibowli, Vishakapatnam, residence of the promoters in Jubilee hills, research plant in Sanathnagar, Choutuppal and other places.

Suspecting Tax evasion, IT sleuths raided Divi’s Laboratories Limited. Around half a dozen teams of the antitax evasion department carried out searches at the Corporate office in Cyber hillGachibowli, Visakhapatnam, residence of the promoters in Jubilee hills, research plant in Sanathnagar, Choutuppal and other places.

The IT sleuths began their search at 8 am on Thursday. No cash has been seized.

According to the company records, the company has 10 directors and 2 reported key management personnel.

The longest serving director currently on board is Murali Krishna Prasad Divi, who has been on the board for more than 28 years. The most recently appointed director was Ganapaty Seru.

The company is connected to 13 other companies through its directors. The other promoters include Madhusudana Rao Divi, Satchandra Kiran Divi.

As per the financial records, the profits earned in the last quarterly was `379 crore, while the revenue of the company stood at `1,377 crore.