Pipavav Defense falls on I-T raid

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Pipavav Defense falls on I-T raid
The Income-Tax Department on Wednesday took Nikhil Gandhi promoted Pipavav Defense and Offshore Engineering Company under scrutiny.

Nikhil Gandhi is the promoter Pipavav Defense, SKIL Infrastructure and Everonn Education.

"We conducted the searches from this morning," an I-T official told PTI, but not much details were provided by them on this adding, the case is more of 'tax evasion'.

I-T officials visited its offices in Mumbai and Delhi.

Pipavav has been in the news last month for a controversial joint venture agreement with state owned Mazgaon Docks for construction of defense ships. The deal has been kept on hold by the defense ministry on some allegations by the rivals like L&T and ABG Shipyard.

Nikhil Gandhi promoted Everonn was also raided by CBI last month.

Shares of the company tanked 4% on the Bombay Stock Exchange on Wednesday after the news of raid.

On Thursday, the stock was seen down by 1.8% at Rs 81.65 around 2:05 pm.


Read more about: tax, everonn, raid, pipavav, bse
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