Source Times entertainment
MUMBAI: In a dramatic turn of events, officials from the Income Tax Department carried out surprise searches across the Mumbai offices of Prime Focus Limited, the visual effects giant led by filmmaker Namit Malhotra. The sudden action comes just weeks before the first chapter of his high-budget mythological epic, Ramayana, lands in cinemas this festive season.
Surprise Searches Across Multiple Locations
The tax inspection began on Wednesday morning, targeting several offices connected to Prime Focus in the city. Officials also visited premises belonging to close company associates, including chartered accountants and financial consultants.
Sources indicate that investigators are looking into international money movements, overseas fund transfers, and potential tax reporting gaps.
Markets React as Shares Take a Hit
News of the tax action sent ripples through the stock market. Shares of Prime Focus dropped by around 8 percent during day trading as investors reacted to the unexpected visits by tax authorities.
Neither the Income Tax Department nor the production house has released an official statement regarding the findings so far. The investigation remains active, and officials have not made any formal charges.
A Staggering Project on the Line
The scrutiny comes at an especially sensitive time for Malhotra. Ramayana, directed by Nitesh Tiwari, stands as one of the most expensive and closely watched projects in Indian film history.
The grand retelling stars Ranbir Kapoor as Lord Rama, Sai Pallavi as Sita, and Kannada superstar Yash as Ravana. With the first instalment slated for an all-out worldwide theatrical rollout this Diwali, fans and industry watchers are keeping a close eye on whether the unexpected probe will cause any turbulence in the film’s promotional campaign.
