Chennai: G Square Realtors, the real estate company that was subjected to continuous raids by the Income Tax department at the various premises in the country, came out with a clarification on Wednesday, denying several allegations in the media, including the seizure of Rs 3.5 crore and its association with a family member of a political party.
A press release issued by Bala alias Ramajeyam, the Managing Director of G Square Realtors Pvt Ltd, said, ‘The recent searches carried out by the IT officials was a standard procedure aimed at seeking information / details regarding specific financial matters. We would like to highlight that these searches are of routine nature to ensure our adherence to Tax laws and Rules of
the land and several real estate companies across the country have also
been subjected to similar inspections by the tax department over the last
few months.’
The comprehensive investigations had confirmed that the company had no association with any political party, family members of any such party as was evident from their records submitted before the authorities, he claimed.
‘These investigations have effectively debunked all baseless allegations, including the false and malicious claim regarding our net worth of 38000 Crores. We are greatly relieved that this is an opportunity for us to present the truth to the public and to vindicate our positions which are verifiable with central authorities,’ he said.
While the company valued the importance of cooperation and compliance with regulatory authorities and had always adhered to the highest ethical standards in business practices, it was disappointed and saddened by the spreading of false, malicious information by certain news channels and individuals, with possible vested interest and ulterior motives, he said.
‘It has come to our knowledge that social media posts have associated a particular Chartered Accountant with G square. This is contrary to the fact that our Statutory Auditors are M/s. G Shankar and Associates, and AVS Associates are our compliance and audit agency,’ Ramajeyam clarified.
