Refex Industries Says It Is Cooperating With Income Tax Authorities; Operations Unaffected

Refex Industries Ltd on Tuesday issued a clarification regarding the recent Income Tax search operations conducted at certain locations associated with the company earlier this month. The company emphasized that these searches are part of routine statutory procedures undertaken by the Income Tax Department to verify financial records and transactions. Such searches are standard regulatory practices and do not, in themselves, indicate any wrongdoing or tax liability.

Full Cooperation

In a disclosure filed with stock exchanges, Refex Industries stated that it has extended full cooperation to the authorities and provided all information requested during the course of the searches. The company also clarified that, as of now, it has not received any official communication indicating adverse findings. Importantly, the company confirmed that its day-to-day business operations continue as usual and remain unaffected by these procedural actions.

“The company is extending full cooperation to the Income Tax authorities and providing all necessary information as required,” the filing said, highlighting its commitment to regulatory compliance and transparency.

Operations Unaffected

Industry experts note that Income Tax search and seizure actions are preliminary verification processes designed to collect information and examine records. These actions are not judgments of wrongdoing. Any conclusions or determinations regarding tax liability, if applicable, emerge only after a detailed assessment process under the Income Tax Act, which includes careful examination, opportunities for explanation, and adherence to statutory due process.

Refex Industries further stated that it remains committed to complying with all applicable laws and regulations. The company will make further disclosures to stock exchanges in accordance with SEBI listing norms should any reportable developments arise.

The company also advised stakeholders, including investors, analysts, and the public, to rely solely on official disclosures and verified information, rather than speculation or unverified reports circulating in the media. By maintaining transparency, following due process, and keeping open communication, Refex Industries aims to ensure trust, confidence, and stability among all its stakeholders while continuing normal business operations without disruption.