The Company submits the reason for the delay in the intimation of material event
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Gujarat Credit Corporation Ltd has informed BSE about the reason for delayed disclosure of a material event. The Income Tax Department conducted a search at the company's registered office in Ahmedabad from 14/05/2025 to 17/05/2025. During the search, employees including the Compliance Officer were denied entry, and employees inside had their phones seized. The office was left in disarray with files scattered, and normal operations only resumed on 22/05/2025, which is why the company could not inform the exchange sooner.
An IT raid signals potential tax scrutiny, which may create uncertainty for shareholders. The stock could see volatility, and investors should watch for further disclosures on the outcome of the search.