Namit Malhotra Prime Focus IT Raid: About a month before the release of Ranbir Kapoor and Yash starrer film ‘Ramayana’, producer Namit Malhotra’s company Prime Focus Limited has come into limelight. On the morning of October 7, news of the Income Tax Department’s search in the company’s Mumbai office came to light. The film is scheduled to release on Diwali next month. In such a situation, after this news related to Prime Focus came to light, the matter has attracted attention.
investigation of foreign transactions
According to media reports, this search of the Income Tax Department is said to be related to foreign transactions. In this, information about money sent from India to other countries is being seen. At present it is not clear which transactions the department is investigating. Not much information has been revealed yet in the matter. After this news the company’s shares were also affected. Prime Focus shares are said to have fallen by about 8 percent on Wednesday morning.
Company’s business also in foreign countries
Namit Malhotra’s Prime Focus operates in the media and entertainment sector. The company deals with work related to visual effects, animation, post-production and content production. The company has business not only in India but also in other countries. According to the report, about 92 percent of Prime Focus’s earnings come from markets outside India.
There was news related to investigation earlier also
Prime Focus also came into limelight in June this year regarding a case. Then SEBI had stopped the ongoing action in the matter related to the accounting and financial information of the company. No irregularities were found in SEBI’s investigation.
Work going on ‘Ramayana’
Prime Focus Studios is also associated with ‘Ramayana’. Ranbir Kapoor is playing the role of Lord Ram and Sai Pallavi is playing the role of Sita in this film being directed by Nitish Tiwari. Yash will be seen in the role of Ravana in the film. Sunny Deol, Rakul Preet Singh, Arun Govil and Ravi Dubey also play important roles in the film.
The film will come in two parts
‘Ramayana’ will be released in two parts. Its first part is going to hit the theaters on the occasion of Diwali, while the second part is expected to be released next year.