Income Tax Department raids Muthoot Capital Services office

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Non-banking financial company (NBFC) Muthoot Capital Services has said the Income Tax Department conducted a raid at its office yesterday.

“Under Section 132 of the Income Tax Act, 1961, the officials of the Income Tax Department carried out a search of the company at the corporate and registered office on Friday, August 5, 2016,” it said in a regulatory filing today.

Its registered office is situated in Cochin (Kerala).

The search proceedings commenced at 0915 hrs and were closed at 1915 hrs, as finally concluded. The company has provided full cooperation to them and have furnished all explanation, information and clarification required by them, it added.

“We are reasonably confident that the officials, during the search proceedings, would have found our corporate practices and books satisfactory,” the company, part of the Muthoot Pappachan Group, said.

It further said: “At Muthoot Capital Services Ltd, we follow the ethical and legal standards of the highest order in all our activities and have robust institutional measures to monitor as well as implement corporate governance of the highest standards.”

The firm offers fund and non fund based financial services to retail, corporate and institutional customers through the wide network of branches of Muthoot Fincorp Ltd.