Uflex extends rally, says I-T department found nothing incriminating

All stocks of raw materials, finished goods, work in process and other assets were found to be duly recorded and all books of accounts were found to be in order, Uflex has said

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Uflex shares surged more than 9 percent on March 1 after the packaging company told exchanges that the income tax department didn’t seize anything incriminating in the recent searches of its premises.

The stock continued its uptrend for the second session after gaining 7 percent in the previous day. It closed at Rs 414 on the National Stock Exchange.

The stock has recouped most of the losses it suffered in the last days of February when it lost 28 percent in seven days, barring February 28 when it started moving up.

On February 21, the income tax department launched searches at multiple premises of Uflex across various states, including the head office in Noida. The search ended on February 27.

“The search team has not seized anything incriminating. The company adheres to good business practices,” the packaging solution provider said in its filing to exchanges.

“All stocks of raw materials, finished goods, work in process and other assets were found to be duly recorded and all books of accounts were found to be in order.”

Uflex dismissed as frivolous and baseless reports of alleged bogus transactions by the company and seizure of evidence pointing to irregularities running in thousands of crores.

Founded in 1985, UFlex provides flexible packaging solutions serving several sectors including FMCG, consumer product goods, pharmaceuticals, building materials, and automobile.