In the light of the reports about officials from Income Tax Department raiding JBM Group facilities and offices, JBM Group has issued an official statement. The statement acknowledges that ‘two days ago officials from Income Tax Department had visited certain facilities of JBM Group. ‘"This has resulted in media speculation with emergence of many versions of news, creating confusion and agony among our stakeholders. We are issuing this statement to put to rest all media speculations," the statement says.

"Officials from I-T department, Government of India, had visited some facilities of JBM Group for inspection. The JBM Group staff cooperated fully with the income tax officials. The reported matter is under investigation and as a responsible corporate entity we are providing all required information to government authorities. Below are some points which have not been reported correctly.

1.            Media reports suggest that cash and gold have been recovered from Chairman's house: The fact is nothing has been recovered from the house and office of Mr. S.K. Arya, Chairman of JBM Group.

2.            Media reports suggest I-T officials visited 60 offices of JBM Group in Delhi NCR: The fact is that JBM Group does not have these many offices in the region. As it looks, offices of other companies might have also been inspected but media reported all offices to be JBM's," it adds.

The statement further adds that the media should have exercised restraint and established the veracity of the reported content. The wrong reporting has caused serious damage to our reputation and it will take a long time for us to restore the trust of our stakeholders."

The matter remains under investigation. However, as a neutral media, The Machinist believes that it is equally important to report JBM's views in this matter. Hence, this report.

END