The Income Tax Department conducted search operations at the Refex Group – Refex Industries and Refex Renewable & Infrastructure – from December 9 to 13. The company and its officers extended full cooperation to the authorities throughout the search and furnished all information and documents as sought, it said in a notice to the stock exchanges. No adverse remarks have been issued by the IT Department, the company said. Besides, in a separate notice, the company said that the market regulator, SEBI, has imposed a penalty of Rs 10 lakh on Anil Jain, Promoter, Chairman & Managing Director of the company, in connection with insider trading activities.
Brigade Enterprises informed the exchanges that the Income Tax Department conducted a survey at the company’s registered office and a few other offices from December 9 to 13. The Company extended its full co-operation with the authorities and provided all necessary documents. The company’s business operations continued as usual and were not impacted by the Survey.