Uflex raid: Noida-based packaging company clarifies on I-T department's seizure

Packaging solutions provider Uflex on Wednesday claimed that the Income Tax Department has 'not seized anything incriminating' from the company in the raid conducted for seven consecutive days.

The company in a regulatory filing has also 'vehemently' denied media reports alleging bogus transactions undertaken by it, seizure of evidence, irregularities running in thousands of crores and huge unaccounted income.

"We hereby state that pursuant to the searches carried on by the Income Tax dept w.R.T Uflex...From Feb 21 to Feb 27, 2023, all stocks of raw materials, finished goods, work in process and other assets were found to be duly recorded and all books of accounts were found to be in order," it said.

Uflex further said : "The search team has not seized anything incriminating. The company adheres to good business practices.

The I-T department is yet to come up with a statement over the seizure during the raids on Uflex offices.

On the media reports, Uflex said it can be best described as ?frivolous and baseless?. ? It is relevant to add that even in the similar search carried out in the year 2014, media had gone on record to state huge discovery of huge unaccounted income at Uflex Limited, which was absolutely untrue and in the final reassessment by the I-T dept, nothing of such sort was found,? it said.

Also Read: Income Tax: What are the 3 deductions under the new tax regime? 

Uflex further said it shall keep the public, investors and the authorities updated in the matter, as per the applicable provisions of SEBI.

The I-T Department had on February 21 launched searches at multiple premises of the company across various states, including the Uflex head office in Noida, as part of a tax evasion investigation.

Official sources said the raids have now ended and the taxmen have recovered a number of financial documents and digital hardware from the searched locations.

Uflex is India's largest flexible packaging materials and solutions company and a leading global polymer sciences corporation.

Founded in 1985, the company has a presence in multiple verticals of the packaging value chain - packaging films, chemicals, aseptic liquid packaging, holography, flexible packaging, printing cylinders and engineering.

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