Renewable energy company, Waaree Energies, is under the Income Tax department’s scanner, with officials of the department conducting raids and investigations at its offices and facilities, a company statement revealed.
In a filing to exchanges on Tuesday, the company said it is extending full co-operation to the IT officials.
“...certain officials of the Income Tax (IT) Department visited some of the company’s offices and its facilities in India for conducting investigation under the Income Tax Act, 1961,” Waaree Energies said.
The Gujarat-based company is also facing investigations in the US for alleged evasion of duty on solar imports.
Also Read: Waaree Renewable records more-than-double Q2 profit at ₹116-cr
Its subsidiary – Waaree Solar Americas – has an operational 1.6 GW module manufacturing facility in Texas, which is being expanded to 3.2 GW.
In September, the firm said it will continue to cooperate with the US government in ongoing investigations against the company for alleged evasion of duty on solar imports.
The raids led to shares of Waaree Energies Ltd trading 4.09 per cent lower at ₹3,148.80 apiece on the BSE on Wednesday, while that of its two flagship firms – Waaree Technologies and Waaree Renewable Technologies – declined 1.25 per cent and 1.97 per cent, respectively.
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