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The Income-Tax Department today conducted simultaneous searches in offices and manufacturing facilities of city-based Aurobindo Pharma.
The searches assumed significance as these were carried out ahead of the company’s board of directors’ meeting here to consider the unaudited financial results for the third quarter ended December 31, 2011.
The searches, which began in the morning may continue tomorrow also, according to sources in the I-T Department.
“Searches are being conducted at 13 factories of Aurobindo and their head office in Hyderabad. Searches may continue tomorrow also. It depends on the cooperation of the company’s officials,” a senior I-T official told PTI.
According to the official, the searches are routine in nature and not aimed at any particular issue.
Aurobindo officials were not available for comment.
The news of I-T searches brought down the Aurobindo stock down by 5.58 per cent to Rs 11.75 on the Bombay Stock Exchange.
Aurobindo in a statement to the BSE said the board meeting will be held on February 13.
“The board meeting proposed on February 10 to consider inter alia the unaudited financial results of the company for the quarter ended December 31, 2011, has been postponed due to unavoidable circumstances. The meeting is now scheduled to be held on the February 13,” the company said in a statement.
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