In a major development right ahead of the much-anticipated release of the multi-starrer film 'Ramayana', the Income Tax (IT) department has conducted raids at the properties and offices of producer and Prime Focus founder Namit Malhotra. Searches were carried out at his residence, company studios, and CA offices in Mumbai.
Foreign Remittance Investigation
According to preliminary reports, the searches are related to foreign remittances and international financial transactions. While official statements from investigative agencies are yet to be released, sources indicate that these actions stem from financial data gathered during previous probes involving industry entities.
IT raids on 'Ramayana' producer Namit Malhotra's Prime Focus offices spark industry discussions. pic.twitter.com/example
— The Freelance (@TheFreelanceIn) October 7, 2024
Impact on Stock Market
As news of the tax scrutiny at Prime Focus spread across financial circles, the company's stock experienced heavy selling pressure on the stock exchanges, reflecting investor cautiousness amidst the ongoing high-profile inquiry.
High Stakes for 'Ramayana'
Prime Focus is a global leader in VFX and post-production. The ongoing developments have drawn immense attention due to the upcoming release of Nitesh Tiwari's 'Ramayana', starring Ranbir Kapoor, Sai Pallavi, and Yash, which is slated for a grand theatrical release this Diwali.
'The Freelance' does not independently verify the claims made in viral social media reports. This matter is currently generating widespread discussion across digital platforms. Video/Image Credits: Respective social media handles and creators.
