IT raids on Rolta premises

After Securities and Exchange Board of India (SEBI), it's now the turn of the Income Tax (IT) department to grill Rolta. IT officials conducted a
nationwide raid on Rolta's premises that included its head office and residential premises of its directors. Around 32 premises have been raided
and more such raids are expected in the coming days.

SEBI had last month asked Rolta India to discontinue inconsistent practice of international accounting standards. IT officials are scrutinizing the
documents and have confirmed that there are some irregularities in some financial transactions.

Following the nationwide raid on the Rolta premises, the company's stock have taken a tumble. The stock touched an
intra-day high of Rs 62.25 and an intra-day low of Rs 57.90. On August 12, the share closed down 3.08 percent
at Rs 64.45.

CyberMedia News

Mumbai