G Square IT Raid Clears the Air, Strengthens Company Integrity
Introduction: Addressing the IT Raid and Allegations
In April 2023, G Square Realtors found itself under scrutiny after an IT raid sparked a series of political and media allegations. The company’s Managing Director, Bala Ramajayam, quickly issued a statement to clear the air. Ramajayam confirmed that the raid was a standard procedure in line with national efforts to curb tax evasion, and no links to any political party were found.
Routine Inspections: Reinforcing Legal Compliance
The G Square IT raid, which took place on April 24, 2023, was part of a larger, nationwide operation against tax evasion in the real estate sector. G Square emphasized that such investigations are routine for the industry, aimed at ensuring legal compliance. Ramajayam described the raid as a constructive process that confirmed the company’s commitment to upholding the law and operating with integrity.
Debunking Political Allegations and False Claims
Following the raid, claims linking G Square to the DMK political party surfaced. Ramajayam firmly rejected these allegations, asserting that the raids had conclusively shown there were no ties between the company and any political figures. He also addressed false reports about the company’s valuation, specifically the baseless claim of Rs 38,000 crore, labeling it a malicious rumor.
Refuting False Reports of Seizure of Funds
In addition to political accusations, some media outlets falsely reported that Rs 3.50 crore had been seized during the IT raid. G Square responded by clarifying that no such funds were seized, encouraging the public to rely on official IT records to verify this information. This swift clarification helped to prevent further harm to the company’s reputation.
G Square’s Impact on the Economy
Amid the controversy, G Square highlighted its positive contributions to the Indian economy. Over the past 15 years, the company has created employment for 33,000 people, both directly and indirectly. In addition, G Square contributes nearly Rs 1,000 crore annually in taxes, including income tax, GST, and stamp duties, reinforcing its role as a responsible corporate entity.
Conclusion: G Square Remains Committed to Transparency and Growth
The G Square IT raid ultimately reaffirmed the company’s dedication to transparency and ethical business practices. Ramajayam’s statement, in alignment with the official IT findings, dispelled any misconceptions about the company’s operations. G Square remains focused on growth, legal compliance, and continuing its leadership in the Indian real estate sector.
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