Just days after reports emerged of Income Tax Department searches at premises linked to producers Vashu Bhagnani and Kumar Mangat Pathak, it has now come to light that the tax authorities have conducted searches at the Mumbai offices of Prime Focus Ltd as well. The development comes at a crucial time for the company, with its much-awaited magnum opus Ramayana gearing up for release on Diwali, barely a month from now.
According to an exclusive report by CNBC-TV18, the Income Tax Department launched searches at Prime Focus' Mumbai offices on Wednesday morning, October 7. The report further stated that searches were also being carried out at the premises of certain individuals associated with the company.
Sources told CNBC-TV18 that the searches are in connection with foreign remittances. However, further details regarding the transactions being scrutinised or the exact nature of the investigation were not immediately available.
The news had an impact on the stock market as shares of Prime Focus fell sharply, by 8% as per CNBC-TV 18, after reports of the Income Tax action surfaced on Wednesday morning.
Prime Focus, headed by Namit Malhotra, is one of India's leading media and entertainment services companies, with operations spanning visual effects, animation, post-production and content production. The company also has a significant international presence.
The timing of the development is particularly noteworthy as Prime Focus Studios is behind Nitesh Tiwari's hugely anticipated Ramayana, starring Ranbir Kapoor, Sai Pallavi, Yash, Sunny Deol and Ravie Dubey. The film is scheduled to arrive in cinemas this Diwali.
As of now, neither Prime Focus nor the Income Tax Department has issued a detailed statement regarding Wednesday's searches. More details are awaited.
Also Read: EXCLUSIVE: Cinepolis India’s Ashish Misra predicts HISTORIC Rs. 15,000 cr India box office in 2026; says, “Ramayana can be the BIGGEST film Indian cinema has ever seen”
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