#g square it raid

G Square Realtors Pvt Ltd has issued a statement addressing recent media reports and clarifying its position following searches conducted by the Income Tax department last month. The company emphasized its unwavering commitment to transparency, legal compliance, and ethical business practices.

Bala, also known as Ramajeyam, Managing Director of G Square Realtors, stated that the Income Tax department’s investigations have conclusively confirmed that the company has no affiliations with any political party or their family members. He further highlighted that the company has extended full cooperation to the authorities, providing all necessary documents and evidence related to its business operations, including income sources from completed and ongoing projects.

The company clarified that the searches were part of routine inspections aimed at ensuring compliance with tax laws. Such inspections are common in the real estate sector, and several firms across the country have undergone similar processes in recent months. G Square Realtors reiterated its dedication to maintaining the highest standards of corporate governance and adherence to regulatory requirements.

In response to misinformation circulating on social media, G Square Realtors clarified that it is not associated with any specific chartered accountant as claimed. The company confirmed that G Shankar and Associates serve as its statutory auditors, while AVS Associates handle compliance and audit functions.

The Income Tax department’s searches followed allegations made by state BJP president K Annamalai, which linked the company to the DMK party. G Square Realtors firmly denied these claims, stating that the investigations have debunked all baseless allegations, including those regarding the company’s net worth.

Despite the challenges, G Square Realtors remains focused on its mission to deliver high-quality real estate projects and uphold its reputation as a trustworthy and law-abiding organization. The company expressed gratitude for the continued support of its stakeholders and reaffirmed its commitment to ethical business practices and transparency.

In a statement released following recent Income Tax (I-T) raids, G Square Realtors has firmly denied any association with political parties or their members. The prominent real estate company, led by Managing Director Bala alias Ramajeyam, emphasized that the investigations have conclusively debunked all allegations and malicious claims, including an exaggerated estimation of the company's net worth at Rs 38,000 crore.

Allegations Addressed Post G Square IT Raid

The I-T raids, conducted on 24 April, targeted over 50 locations across Tamil Nadu, including Chennai, Coimbatore, Trichy, and Hosur, as well as the residence of DMK MLA M.K. Mohan. Following the searches, Tamil Nadu BJP chief K. Annamalai alleged that G Square Realtors was linked to DMK members and cited an inflated revenue figure of Rs 38,827 crore under the BJP’s ‘DMK Files’ campaign.

Responding to these accusations, Bala clarified, “The investigations have effectively debunked all baseless allegations, including the false and malicious claim regarding our net worth of Rs 38,000 crore.” He also denied reports suggesting the seizure of Rs 3.50 crore during the raids, calling such claims “baseless, misleading, and intended to tarnish our reputation.” Bala assured that all records are verifiable with tax authorities.

G Square IT Raid: A Routine Procedure

G Square Realtors described the I-T searches as routine inspections, pointing out that similar investigations have been conducted on several real estate companies across India in recent months. The company expressed gratitude towards detractors for their baseless allegations, stating that such unwarranted actions have only strengthened their resolve to grow into a prominent national brand.

Political Links Denied

Despite allegations from State BJP Vice President Narayanan Thirupathy questioning the company’s rapid growth and perceived connections to DMK members, G Square Realtors categorically denied any political ties. Thirupathy alleged that the firm’s association with certain political figures transformed it into a Rs 30,000 crore enterprise within two years. However, G Square has maintained that the company operates transparently and independently.

G Square’s Contributions and Achievements

Over the past 15 years, G Square Realtors has emerged as a leader in the real estate sector, creating direct and indirect employment opportunities for over 33,000 individuals. The company contributes significantly to the state’s economy, with nearly Rs 1,000 crore paid annually in income tax, GST, and stamp duties.

In light of the G Square IT Raid, the company reiterated its commitment to ethical business practices and sustainable growth. Bala emphasized, “These events have only motivated us to emerge stronger and uphold our reputation as a trusted real estate brand.”

Moving Forward

G Square Realtors’ handling of the recent G Square IT Raid underscores their commitment to transparency and accountability. As the company continues to expand its footprint, it remains steadfast in its mission to deliver excellence in the real estate industry while fostering trust among its stakeholders.