Income Tax searches at Ramayana producer Prime Focus’ Mumbai offices; shares FALL 8%
Sources said the raid is tied to foreign remittances as Prime Focus shares dropped 8% after the Income Tax action.
- On Wednesday, October 7, the Income Tax Department launched searches at Prime Focus' Mumbai offices. Shares of the company fell 8% after reports of the tax action surfaced.
- Sources told CNBC-TV18 that the searches are connected to foreign remittances. Prime Focus maintains significant international operations, though details regarding specific transactions under scrutiny remain unavailable.
- These actions follow recent Income Tax Department searches at premises linked to producers Vashu Bhagnani and Kumar Mangat Pathak. Authorities are now expanding scrutiny to Prime Focus Ltd in Mumbai.
- Prime Focus Studios is producing Nitesh Tiwari's Ramayana, starring Ranbir Kapoor, Sai Pallavi, Yash, Sunny Deol, and Ravie Dubey. The film gears up for Diwali release, with some claiming it "can be the BIGGEST film Indian cinema has ever seen."
- Neither Prime Focus, led by Namit Malhotra, nor the Income Tax Department has issued a detailed statement regarding the searches. The company remains a leading media and entertainment services firm with international operations.
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Ramayana producer Namit Malhotra's Prime Focus offices face Income Tax raids weeks before Ranbir Kapoor, Yash's film release
Filmmaker Namit Malhotra's upcoming film Ramayana faces challenges as the Income Tax Department conducts searches at Prime Focus Ltd's Mumbai offices.
Income Tax raids at Namit Malhotra's office, home a month before Ramayana release
The Income Tax Department searched Prime Focus premises and Namit Malhotra's home in Mumbai. The reported foreign remittance angle and a sharp stock fall have put Ramayana's release in focus.
Income tax raid at 'Ramayana' producer Namit Malhotra's office, weeks before the release of the Ranbir Kapoor, Sai Pallavi starrer this Diwali
Income Tax Department recently conducted searches at the Mumbai offices of Prime Focus Ltd due to foreign remittances. This investigation coincides with the upcoming release of the film 'Ramayana', produced by Namit Malhotra. Prime Focus's stock fell around eight percent following the searches, indicating potential investor concern. The two-part epic, featuring a star-studded cast, is set for theatrical release on November 5, 2026.
The Income Tax Department searched the Mumbai office of Prime Focus Limited and his house on October 7 in connection with foreign remittances.
Bollywood Hungama
PressNewsAgencyIncome Tax searches at Ramayana producer Prime Focus’ Mumbai offices; shares FALL 8%
Just days after reports emerged of Income Tax Department searches at premises linked to producers Vashu Bhagnani and Kumar Mangat Pathak, it has now come to light that the tax authorities have conducted searches at the Mumbai offices of Prime Focus Ltd as well. The development comes at a crucial time for the company, with its much-awaited magnum opus Ramayana gearing up for release on Diwali, barely a month from now.According to an exclusive rep…
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