IT Ride Continues for Second Day at Ward Wizard Company
The blog post provides a detailed account of the ongoing IT Raid at the Ward Wizard Company, a manufacturer of e-bikes. It covers the impact on the stock market, the scope of the investigation, and a brief background of the company's Chairman and Managing Director, Yatin Gupta. The post concludes with the anticipation of uncovering unaccounted money worth crores of rupees. Stay tuned for updates
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Introduction
The Income Tax Department has launched an extensive investigation into the Ward Wizard Company, a prominent manufacturer of e-bikes. The probe, which began yesterday, has continued into its second day, covering six to seven locations associated with the company.
Impact on Stock Market
The repercussions of the investigation were immediately felt in the stock market. By the end of the first day, Ward Wizard's share price had fallen by Rs 6.11, closing at 75.42. Today, the company's shares took another hit, falling by 2.61 percent, equivalent to Rs 1.97.
Scope of the Investigation
The Income Tax Department's probe is not limited to the company's business operations. It extends to the residences of the company's Chairman and Managing Director, located in Darshanam Splendora, near Sayajipura in Vadodara. The investigation also covers other directors associated with the company.
The department is conducting a thorough examination of the company's financial transactions across various sectors, turnover, and the sale of e-bikes. Necessary documents have been collected for this purpose. Although the investigation is still ongoing, it is anticipated that unaccounted money worth crores of rupees will be uncovered once the probe is completed.
About the Chairman
Yatin Gupta, the Chairman and Managing Director of Ward Wizard Company, has a diverse professional background. He held a common post in a private life insurance company from 2005 to 2009, where he worked on insurance policies and served as an agent. After receiving a promotion in 2010, he moved to Ahmedabad and managed the business of insurance policies across different branches in three different states. He was employed in Vadodara from 2014 to 2016.
Conclusion
Yatin Gupta, who was gainfully employed from 2005 to 2016, later established the Ward Wizard Company. The current investigation into the company's financial dealings marks a significant chapter in its history. As the probe continues, stakeholders and observers alike wait with bated breath for its outcome.
Disclaimer
This blog post is intended for informational purposes only. The content is based on the information available at the time of writing and does not constitute legal or financial advice. The author and the publisher are not responsible for any actions taken based on the information provided in this blog post.
Keywords: Ward Wizard Company, e-bikes, Income Tax Department, investigation, stock market, financial transactions, Yatin Gupta, insurance policies, unaccounted money.