Bharat FIH clarifies on food poising incident, I-T raid
The company reverts on a story carried by Bizz Buzz on Jan 20 that its subsidiaries were not impacted other than the suspension of production for one shift and it is cooperating with all the authorities regarding tax matters
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Mumbai: The food poisoning incident mentioned in a recent Bizz Buzz report relates to a sit-down by contract workers at a neighbouring facility, which is not operated by Bharat FIH or its subsidiaries, according to Bharat FIH. The operations of Bharat FIH or its subsidiaries were not impacted other than the suspension of production for one shift, the company has clarified in its statement. Bharat FIH has replied on a story, which was carried by this newspaper in its January 20 edition.
With respect to the tax matters, the company has clarified that it was under procedural investigation visit from Income-Tax (I-T) officials. The company has been compliant with all tax provisions as per requisite norms and have cooperated with the authorities and addressed all queries in this matter, it added.
However, the reporter says that these clarifications apart, the concerns arising out of Bharat FIH's heavy dependence on China remain intact, as narrated by the company itself in its Draft Red Herring Prospectus which is in public domain. Post Covid-19, many global electronics manufacturers are contemplating the 'China + 1' strategy and looking for alternative manufacturing locations for exports business.
