HP tax sleuths didn’t find any irregularity in searches: Adani Wilmar

On Feb 8, Adani Wilmar’s depot warehouse was searched by tax authorities of Himachal Pradesh for alleged tax violation.

New Delhi | Updated: 11 February, 2023 5:36 pm IST
Adani Wilmar sells a range of edible oil products under the brand name Fortune.

Adani Wilmar, a venture of embattled billionaire Gautam Adani, has said that tax enforcement officials did not find any irregularities in its operations during raids at its offices and storage facilities in Himachal Pradesh earlier this week.

On Wednesday, the Himachal Pradesh state excise and taxation department conducted searches at Adani Wilmar’s depot warehouse were searched in Parwanoo in Solan district. As per reports, officials checked relevant records during searches.

“The staff extended their support during this routine inspection, fully cooperating with the officials and local authorities,” the company said.

However, it said the officials did not conduct any raid, calling it a regular inspection.

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In a statement, a spokesperson of Adani Wilmar – a 50:50 partnership venture of Adani and Singapore’s Wilmar – said that the company is not required to pay any liability in cash.

“The officials did not find any irregularities in the operations and dealings conducted by the company. We would like to clarify that the concerns specific to GST payments in cash, citing GST law under Rule 86B, the company is not required to pay the tax liability,” it said.

The company asserted that all its operations are in compliance with the relevant laws and regulations.

Reiterating its commitment to conduct business in a “responsible and transparent manner”, Adani Wilmar further said, “All our operations are in full compliance with the relevant laws and regulations. We would like to mention that the depot operations are functioning normally after the visit.”

Despite searches, shares of Adani Wilmar – the only company in Adani’s basket of entities that continued to grow following US-based short-seller Hindenburg Research’s damning report – maintained an upward trend.

A market leader in the edible oil segment, Adani Wilmar sells an extensive array of oil products, including soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati and speciality fats under the brand name Fortune.

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