Polycab Update: IT dept putting out press release without sending notice, a travesty of justice from procedural perspective: Shriram Subramanium

economictimes.indiatimes.com:

Shriram Subramanium, Founder & MD, InGovern, says “Polycab is very, very clear that they are not the company, they would have even yesterday said that we have nothing to hide. But that is not what they have said. They have said they have not received a notice. So they are not denying that there was a raid. They are just saying that they have not received a notice, which could be true. So, from that perspective, the Income Tax Department may not have sent a notice yet, but has put out a press release which I would think is a travesty of justice from a procedural perspective.”

What is happening with Polycab because clearly the stock markets have been giving the stock quite a punishment and perhaps rightly so. If we are looking at the procedure that has been followed by the IT department of not sending a notice and asking for clarifications from the company first, is the procedure as per the norm?
Shriram Subramanium: I would think not. At the end of the day, the income tax department by putting out a press release on 9th, that too late in the evening, saying that there is a wires and cables company on which unaccounted cash has been discovered etc. etc., is doing a disservice to any company for that matter.

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Ideally the department should first have sent the demand notice and given the opportunity to the company and then put out the press release, if anything. The company has admitted that during December 22nd to 25th, there were raids on its premises across India, on its