Ramayana Producer Namit Malhotra's Prime Focus Faces Income Tax Raid In Mumbai A Month Before Ranbir Kapoor Film's Release
The Income Tax Department has reportedly conducted searches at the Mumbai offices of Prime Focus Ltd on Wednesday morning (October 7), just a month before the release of highly anticipated Ramayana . The development comes at a crucial time for Prime Focus, which is headed by Namit Malhotra and is closely associated with the ambitious two-part mythological epic. Ramayana, starring Ranbir Kapoor,…
The Income Tax Department conducted searches at Prime Focus Ltd's Mumbai offices on October 7, just a month before the highly anticipated Ramayana film's release. The move is linked to foreign remittances, referring to money transfers from India to other countries. Prime Focus, under the leadership of Namit Malhotra, is a prominent media and entertainment services company with significant operations outside India.
The searches have affected the company's stock, causing its shares to drop by approximately 8 percent upon the news.
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