COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

IT dept raids 3 BSE brokers to probe Pentafour, Sun Pharma deals

Income-tax officials today raided three stock brokers of the Bombay Stock Exchange in connection with transactions of shares of Madras-based Pentafour Software Company.

IT sources said that three brokers' premises were searched and documents were verified as per the instructions of the Madras office. Details of the investigation are yet to be known.

Yesterday, IT officials made search operations in the premises of another BSE broker and a clearing house agent in connection with trading of shares of Bombay-based Sun Pharmaceuticals Industries and confiscated evidence showing false claims of around Rs 100 million.

Sources said that it would take about a week to confirm the magnitude of such transactions put through by brokers and intermediaries.

Meanwhile, share prices of Sun Pharma and Pentafour Software declined sharply on the BSE and the NSE on speculative selling pressure.

Sun Pharma lost by Rs 19 to Rs 280.50 and Rs 16.95 to Rs 279.05 at the BSE and the NSE respectively while Pentafour Software fell sharply by Rs 26 to Rs 500 and Rs 27.95 to Rs 499.05 at the BSE and the NSE respectively. About 5.79 million shares changed hands in Pentafour while 36,100 in Sun Pharma at the NSE.

It is learnt that a few Madras-based IT officials have indicated that certain people in the Pentafour group and others connected with the group are being investigated for alleged evasion of income tax. There was also talk that a few Madras-based stock brokers are also under scrutiny.

UNI

Business news