Income Tax raids on Deepak Fertilisers and Petrochemicals Corporation

Deepak Fertilisers and Petrochemicals Corporation Friday said the Income Tax department was carrying out search and seizure operations in the company's office premises and plants since Thursday.

"The search and seizure operations are still continuing, and the company is extending full cooperation...," the Pune-based company said in a regulatory filing.

The company assured that it is following the highest standard of corporate governance and compliances while conducting its business operations and would continue to do so.

"We will keep all the stakeholders informed of the outcome, on the conclusion of the search proceedings," it added. Deepak Fertilisers has posted a consolidated net profit of Rs 18.51 crore for the second quarter of 2018-19, down from Rs 42.73 crore clocked in the same quarter previous fiscal.

(With inputs from agencies.)