Evinus Textile of 34 Crore in Revenue Tax Evasion

Star News BD Report: M / s Evinx Textile Limited, listed in the stock market, has been accused of misuse of bond facility. The company has illegally removed the raw material worth Tk 89 crore. Through this, the company has stipulated around Tk 350 crore, according to NBR sources.

Anwarul Alam Chowdhury Parvez, Chairman of Evinx Textile Limited, said that there is a misunderstanding in the case of tax evasion and illegal removal of raw materials. Bond has not kept their register. We went and told them. We have provided all the PRC (Process Relation Certificate) and import information. These are bonded goods; There is no scope to scam here.

He said, "Bond authorities have no previous UP (utility permissions), no registers. That is why they say low raw materials. After we have given all the papers, bonds are working on it. And this is not a hoax, how are you stuck when exported? If you get stuck, then the license will be closed.

According to sources, a company listed in the clothing sector of Joycebpur, Bhavnipur, Shirerakala, is located in Evinay Textiles Limited, Gazipur. It is a bonded institution of Dhaka customs bond commissioner under NBR. The company gets the bond license in 2003. On September 9, the company applied for the availability of raw material for the Dhaka bond commissionerate or for UP.

Earlier, on September 4, the company accepted the UP. However, the amount of the remaining raw material in the last UP and the amount of raw material presented in the UP gets the balance of the raw material, the bond commissionerate.

The bond commissionerate gets the complaint, the company has applied for a UP claim on the UP reserves. In view of this, on Sep 11, the Bond commissionerate's Preventive Team examined the stock and the overall condition of the raw material in the organization. After the collection of the documents and inspection of the organization, from 10 May to 11 September of this year, the report of CIS cell imported information and the raw materials taken in the UPP reports the Preventive Team.

In the report, Evinus Textile has imported huge quantities of raw materials from May 10 to September 11; Which were not mentioned in the bond register and were illegally removed without paying the UP and paying the duty.

In the inspection, the stock is in low quantity, 100% cotton cotton yarn is about one thousand 67 thousand kg, polyester yarn 90 thousand kg, dies at about 15 thousand kg, modifyd starch is about 24 thousand kg, finishing chemical about 41 thousand kg, silicon about 16 thousand kg Acetic acid 825 kg and hydrogen peroxide are about six thousand kg. The value of these raw materials is about 89 crores 41 lakhs, so that duty comes to about 34 crores 35 lakhs. Officials believe that these raw materials have been illegally removed and sold in the open market because there is no stock; Which violates customs law
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In order to explain the illegal removal of raw materials and to pay the duty, recently the notice was issued to show cause of the claim with the Managing Director of Evin's Textile Limited from Dhaka customs bond commissionerate. The company has been given 15 days time. Notice that the case will be settled legally if it does not respond to the scheduled timing or participate in the personal hearing.

An official of Dhaka Bond commissioner said, "Evince has been misusing the bond facility since textile." Based on specific information, we visited the institute which has found evidence. But the amount of gaps may be even more. Before that the company has removed the raw material illegally, we are investigating it

It is to be noted that, in the year 1999, the ready-made clothing company Evince Textile started its journey. Before becoming listed in the stock exchange, the public limited company was converted into the company in 2013. About 159 crores of paid up capital has collected about 17 crores of capital from the stock market in 2015 for business expansion. In Evince Textile, there are 36.86 percent shares of entrepreneurs and managers in 15 million 84 million shares. Apart from this, 19.55 percent shares of institutional investors and 43.8 percent share of the common investors.

Stock News BD.com / SR