Greenply Industries has come under scrutiny from tax authorities as the Income Tax Department conducted a raid at the company's premises. The action follows allegations of tax evasion against the plywood and allied products manufacturer.

Regulatory Action Details

The Income Tax Department's raid represents a significant regulatory development for Greenply Industries. Such actions typically indicate that tax authorities have identified potential discrepancies or concerns regarding tax compliance that warrant detailed investigation.

Company Background

Greenply Industries operates in the plywood and allied products sector, serving as one of the established players in the Indian wood panel industry. The company has built its presence across various product categories within the wood-based panel segment.

Implications of Tax Investigation

Tax raids by the Income Tax Department are serious regulatory actions that can impact a company's operations and market standing. These investigations typically involve detailed examination of financial records, tax filings, and business transactions to verify compliance with tax regulations.

The outcome of such investigations can have various implications for companies, ranging from additional tax assessments to potential penalties, depending on the findings of the tax authorities.

Greenply Industries has witnessed an increase in promoter group shareholding following an open market acquisition by Shakuntala Safeinvest Private Limited. The transaction, completed on February 23, 2026, involved the purchase of 21,700 equity shares, demonstrating continued confidence from the promoter group in the company's prospects.

Transaction Details

The acquisition was executed through open market purchase, with Shakuntala Safeinvest Private Limited (formerly known as Showan Investment Private Limited) being the primary acquirer. The transaction details are outlined below:

Shareholding Changes

The acquisition resulted in marginal but meaningful changes to the shareholding structure:

Promoter Group Composition

The promoter group comprises multiple entities and individuals acting in concert, including:

• Key Individuals: Rajesh Mittal, Sanidhya Mittal, Shobhan Mittal, Shiv Prakash Mittal, Chitwan Mittal, and other family members
• Corporate Entities: Karuna Investment Private Limited, Prime Holdings Private Ltd., Niranjan Infrastructure Private Ltd., RS Homcon Limited, and others
• Trusts and HUFs: Mittal Business Holdings Trust, Rajesh Mittal & Sons HUF, RKS Family Foundation
• Partnership Firms: Trade Combines (represented by Rajesh Mittal)
• International Entity: Kengwood Holding and Equipments FZCO, incorporated in Dubai

Share Capital Structure

Greenply Industries maintains a stable equity structure with 12,48,87,795 equity shares of face value Re.1/- each. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited. Notably, 44,035 equity shares have been transferred to the Investor Education and Protection Fund, though their voting rights remain frozen until claimed by rightful owners.

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction involved no encumbrances, warrants, or convertible securities, maintaining transparency in the shareholding structure. All voting rights continue to be held through equity shares only, with no alternative voting arrangements in place.