Polycab India, a prominent electrical goods company, refutes recent media speculation regarding tax evasion, asserting its dedication to compliance and transparency. The company highlighted its full cooperation with Income Tax Department officials during search proceedings in December ’23, emphasizing the absence of any official communication on the search’s outcome. Polycab India remains steadfast in delivering quality products and services while adhering to corporate governance and ethical business principles.
Shares of Polycab fell after media reports suggested that the Income Tax Department had allegedly identified undisclosed income of Rs 200 crore by the company. The tax officials conducted searches at approximately 50 locations linked to Polycab India in Mumbai on December 22. The department reportedly plans to issue a notice to the company, prompting it to settle the alleged evaded taxes and associated penalties.
Polycab India Limited (PIL) stands as India’s largest Wires and Cables manufacturer and one of the rapidly growing Fast-Moving Electrical Goods (FMEG) companies, boasting a consolidated turnover of over INR 141 billion in FY23. PIL remains dedicated to providing innovative, safe, and energy-efficient products through a robust distribution network comprising 4,300+ authorized dealers and 205,000+ retail outlets. With 25 manufacturing facilities, 14 offices, and 23 warehouses, PIL’s operations span across India.
