On Wednesday, the Income Tax Department conducted a survey at various Marico Ltd. offices, dealers, and factories. The survey, carried out by the Mumbai branch, is focused on investigating certain foreign funding transactions.
Income Tax officials entered the Andheri office at around 10:30 a.m. and the survey is still ongoing. Marico staff’s mobile devices were confiscated as part of the survey process. However, the company has not issued any public statement regarding the investigation.
Sources informed NDTV Profit that the full scope of the issue will be determined after reviewing the relevant documents. The authorities have not yet begun going through the company’s paperwork. Senior Marico employees are currently being questioned by the Income Tax officials.
Marico, based in Mumbai, is a leading Indian consumer goods company known for brands like Parachute, Saffola, and Set Wet. The company manufactures and sells products in categories such as hair care, skin care, edible oils, healthy foods, and male grooming across India and emerging markets in Asia and Africa.
Following the survey, Marico’s shares fell by over 1.15% by 1:35 p.m., while the Nifty 50 index was up 0.38%. Marico’s stock has gained 3% over the past year and 12% this year.
