The Company informs the Exchange on delay in intimating the material event
Awaiting price reaction for this filing.
GCCL Construction & Realities informed BSE about the reason for a delay in disclosing a material event to the exchange. The Income Tax Department conducted a search at the company's registered office in Ahmedabad from 14 May 2025 to 17 May 2025. During the search, employees including the Compliance Officer were barred from entering the premises, files and documents were scattered, and employees' phones were seized. Because of this, the company could not file the required intimation on time and resumed normal operations only on 22 May 2025, with the formal update sent on 31 May 2025.
An Income Tax search is a significant negative event that can lead to tax demands or penalties, which may pressure the stock price in the short term. Investors should watch for any further disclosures about the outcome of the IT investigation.