The Income Tax (IT) department on Tuesday conducted searches in multiple cities on the premises of popular healthcare chain Apollo Hospitals on charges of alleged tax evasion.
“Yes. It is going on (raids on Apollo Hospitals Group) since morning. About 50 teams have undertaken the raids”, a top official told . The company confirmed the development.
“The IT department visited our hospitals today and we extended our complete cooperation to them. We have always conducted ourselves with the highest degree of diligence and would like to reassure our patients, shareholders and stakeholders that we shall uphold their trust and faith in us,” an Apollo Hospitals’ spokesperson said in a statement.
Chennai-based Apollo Hospitals, founded by Dr Prathap C Reddy, is one of the popular and largest healthcare service providers in the country, with a presence in over 60 locations and about 7,500 beds.
Officials said the searches were conducted in various cities including in New Delhi and were launched by the IT department investigations wing in Chennai.
They said some documents relating to company’s businesses and patient services logs were seized and are been looked into.
On Tuesday, the stock of the company closed up 1.35% or Rs 19.60 at Rs 1,466.75 per scrip on the BSE.