Income Tax raid at Signpost India Mumbai office linked to S2 Signpost

New Delhi: The Income Tax Department visited Signpost India’s Vile Parle office in Mumbai on October 14 under Section 132 proceedings tied to its subsidiary S2 Signpost India, the company told the exchanges. 

S2 Signpost was formed to execute the advertising tender at Kolkata’s Netaji Subhash Chandra Bose International Airport.

Signpost India said it is cooperating with officials and does not see any material impact on the parent’s operations at this time. Any further updates will be disclosed in line with SEBI Listing Regulations.

Founded in 2008 by Shripad Ashtekar and Dipankar Chatterjee, Signpost India is a leading digital out-of-home and integrated media company.

Section 132 of the Income Tax Act grants the Income Tax Department the power of "search and seizure" to combat tax evasion. The provision allows tax officials to conduct raids and seize undisclosed assets, money, or documents when there is a credible reason to believe that a person is concealing income

The intimation, dated October 15 and uploaded on the company website, was filed with BSE and NSE.