Greenpanel Industries confirmed that the Income Tax Department conducted search proceedings across its Registered Office, other offices, plant locations, and the residences of a Promoter and an ex-employee. The search operations spanned from February 26, 2026, to March 2, 2026. While the company fully cooperated, certain books of accounts, documents, and digital data were seized. The financial impact of the event is currently not quantifiable at this time.
Income Tax Authorities Conduct Search Operations
Greenpanel Industries Limited has officially informed stock exchanges regarding search proceedings initiated by the Income Tax Department. This action was carried out across various company premises and associated private residences. The search commenced on February 26, 2026, and concluded on March 2, 2026, specifically at the registered office.
Scope and Locations Targeted
The operations covered multiple significant sites. These locations included the corporate premises in Gurugram (DLF Downtown), offices in Kolkata (Thapar House and Ballygunge), the manufacturing plant in Rudrapur, Uttarakhand (SIDCUL), and other properties in Tirupati (Andhra Pradesh) and Southwest Delhi (Rajokri). The search also extended to the residences of a Promoter and one ex-employee.
Seizure and Company Stance
During the proceedings, the authorities seized specific books of accounts, documents, and digital data. The company affirmed that it has extended full cooperation to the Income Tax authorities throughout the duration of the investigation. As of the date of the intimation, the details regarding any specific alleged violation or contravention could not be ascertained.
Financial Impact Assessment
In line with disclosure requirements, the company stated that the financial impact stemming from these proceedings is not quantifiable in monetary terms at this point in time. Therefore, the potential effect on the company’s operations or financial status remains undetermined.
Source: BSE
