PC Jewellers’ showrooms offices searched by DRI

Recently, the offices, showrooms and homes of the key board of directors of PC Jewellers has been searched by the Directorate of Revenue Intelligence (DRI), reports say. The registered office of the company located at Karol Bagh and corporate office in Preet Vihar, New Delhi, seven of its 30 showrooms in New Delhi, Noida and Gurgoan were searched for three days by DRI, reports say.

The search followed PCJ's import of jewellery from Thailand. The DRI has alleged that custom duty payment was wrongly calculated by PCJ on the import. While the company has not received any written notice from DRI or any other regulatory authority in connection with this matter, it has paid Rs 8.5 crore 'in protest' to the customs commissioner in New Delhi with regard to case, PCJ said in a public notice today and gave out details of the search. The notice was given as a modification to its IPO red herring prospectus, reports say. Te company also stated that while it could be subject o further investigation, it is continuing its business as normal across all its offices and showrooms, reports add.

As published in Business Standard.