The Enforcement Directorate (ED) has conducted search operations at the premises of real estate developer TARC Limited, its promoters, and certain officers in connection with transactions linked to a pre-demergers entity, the company said in a regulatory filing on Thursday.
“The search was mainly on the pre-demerged entity for a transaction pertaining to the period prior to 2020. Since we were part of the pre-demerged entity, they visited our premises too,” TARC said in its filing.
According to TARC’s disclosure to the stock exchanges, ED officials visited the company’s premises on April 21 at around 9:40 am, while searches at the residences of promoters and officers took place around 6:30 am. The searches relate to transactions undertaken before 2020, when TARC was part of the pre-demerged entity, the company said.
The company added that the matter is not material and has no impact on its business or financial position. “There is no impact on financial, operational or other activities of the company,” TARC said, adding that its officers have provided all information and documents sought by the Enforcement Directorate.
TARC also clarified that no violation or contravention has been alleged and that it has not received any direction or order from the authority so far. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements.
