Enforcement Directorate search at company office and promoter premises; no material impact stated
R&B Denims has told the exchanges that a search proceeding was initiated pursuant to a warrant issued by the Enforcement Directorate, Ministry of Finance.
By ScoutQuest · · 2 min read
- Action Initiated
- Search proceeding initiated pursuant to a warrant issued by the Enforcement Directorate, Ministry of Finance
- Search Locations
- Company's registered office and premises of promoters Mr. Amit Dalmia and Mr. Deepak Dalmia
- Company-Stated Impact
- At present there is no material impact on its financials, business operations or any other activities
The company has informed the stock exchanges about a search by the Enforcement Directorate, Ministry of Finance.
What the notice says
- A search proceeding was initiated pursuant to a warrant issued by the Enforcement Directorate, Ministry of Finance.
- The search was conducted at the registered office of R & B Denims at Block No.467, Sachin Palsana Road, Palsana, Surat.
- The same search was also conducted at the premises of the promoters named Mr. Amit Dalmia and Mr. Deepak Dalmia.
- In the Annexure, the company has described the nature of the action taken, initiated or order passed as a "Search".
What the company has said about impact
- "At present, there is no material impact on the financials, business operations or any other activities of the Company due to the aforesaid search proceedings."
- The company has stated that if any material update arises that requires intimation, it will make the necessary disclosures.
What the Annexure records about the authority
- On the date of receipt of direction or order, including any ad-interim or interim orders, the Annexure says: "Not yet informed by the Authority".
- On the details of the violation(s)/contravention(s) committed or alleged to be committed, the Annexure says: "Not yet informed by the Authority".
- On quantifiable impact on financial, operational or other activities, the Annexure repeats: "At present, there is no material impact".
How to read this
A search is an action by a government authority; it is not by itself a finding of wrongdoing. The notice records the search and the company's stated position on impact. The company's own Annexure records that the violation details and the order or direction have "Not yet informed by the Authority", which is the company's description of where matters stand.
What a retail investor can track from here
- Any further disclosure by the company on the outcome or progress of the search.
- Any communication from the authority to the company that the company discloses under the listing rules.
- The company's stated position remains that there is no material impact at present on financials, business operations or other activities; that statement is the company's own, as recorded in the notice.
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