G Square Realtors, a prominent real estate company, has issued a detailed clarification following recent Income Tax department searches across its premises. The company firmly denied several media allegations, including claims of Rs 3.5 crore in cash seizures and associations with political party members.
In a press release, Bala, also known as Ramajeyam, Managing Director of G Square Realtors Pvt Ltd, stated that the searches were part of a standard procedure aimed at gathering specific financial information. He emphasized that such inspections are routine and ensure compliance with tax laws, adding that several real estate companies across the country have undergone similar checks in recent months.
Ramajeyam highlighted that the comprehensive investigations confirmed the company’s lack of association with any political party or their family members. He stated, “These investigations have effectively debunked all baseless allegations, including the false and malicious claim regarding our net worth of Rs 38,000 crore. We are relieved to present the truth to the public, which is verifiable with central authorities.”
The company expressed disappointment over the spread of false and misleading information by certain news channels and individuals, suggesting possible vested interests and ulterior motives. G Square Realtors reiterated its commitment to ethical business practices and full cooperation with regulatory authorities.
Addressing misinformation on social media, Ramajeyam clarified that the company’s statutory auditors are M/s. G Shankar and Associates, while AVS Associates handle compliance and audit functions. He urged the public to rely on verified information and avoid unsubstantiated claims.
G Square Realtors remains focused on its mission to deliver high-quality real estate projects while maintaining transparency and adherence to legal standards. The company thanked its stakeholders for their continued trust and support, reaffirming its dedication to ethical operations and compliance with all regulatory requirements.
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