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Shree Cement accused of Rs 23,000 crore tax fraud, India’s biggest ever

The Income Tax Department continued their tax search against the Kolkata headquarters of Shree Cement firm for the second time this week. The officials have recovered forged documents in their search. The Shree Cement company has been one of the top cement firms, their deduction claim was found to be false, officials said.

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The Income tax department has accused Shree Cement of tax evasion of Rs 23,000 crore. As per the report, the IT department has raided several locations of Shree Cement in Rajasthan on the suspicion of tax evasion and found that Shree Cement has been involved in India’s biggest tax fraud ever.

The Income Tax Department continued their tax search against the Kolkata headquarters of Shree Cement firm for the second time this week. The officials have recovered forged documents in their search. The Shree Cement company has been one of the top cement firms, their deduction claim was found to be false, officials said.

The reports added that the company has been committing tax evasion of Rs 1200 to 1400 crore every year. Due to this, both central and state government has suffered a huge loss of revenue. The officials have seized several agreements related to the irregularities.  

According to the information given by the IT department, when the concerned members of the group were questioned in a tax fraud case, they refused to share any information. Members claimed that they did not have any information in this regard. The Chairman HN Banger and Vice Chairman Prashant Banger of the Shree group have moved out after the raid. Group’s President Arvind Khinkha was also called several times during the search by the IT department for questioning in this matter, but he did not cooperate with the Department.

Furthermore, the other senior position holders in the Group like Managing Director Neeraj Akhori, Director Nitin Desai, Director Shrikant Somani, and CFO Subhash Jaju were out of contact with the IT department.

Shares of Shree Cement were in a downtrend after the news of the raid broke out. The company stock fell 4.43 percent on the Bombay Stock Exchange in 5 trading days of the entire week. On Friday, it closed at Rs 25,150 with a decrease of 1.83 percent. The group’s market capital has come down to Rs 90,743 crore.      

India News

PM Modi changes social media profile pictures to mark Operation Sindoor anniversary

PM Modi changed his social media profile pictures to commemorate one year of Operation Sindoor, with several NDA leaders following the move.

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PM Modi speech

Prime Minister Narendra Modi on Thursday updated the display pictures of his social media accounts to mark the first anniversary of Operation Sindoor. The new image was seen across his profiles on X, Facebook, Instagram and WhatsApp channels.

The updated profile picture carries the text “Operation Sindoor” on a black background along with elements of the Indian tricolour. One of the letters in the word “Sindoor” has been stylised using vermilion, commonly associated with married Hindu women.

Operation Sindoor was launched a year ago by Indian defence forces and the Border Security Force along the western border. The anniversary was also marked by several Union ministers and NDA leaders, who changed their social media profile pictures in a similar manner.

External Affairs Minister S. Jaishankar and other senior leaders were among those who adopted the commemorative display image on social media platforms, according to reports.

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Congress, BJP attack Bhagwant Mann over remarks on Punjab blasts

Congress and BJP have jointly criticised Punjab CM Bhagwant Mann after he linked recent blasts near defence sites to political motives, triggering a controversy.

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Bhagwant Mann

A political row has erupted in Punjab after Chief Minister Bhagwant Mann linked recent blast incidents to political motives, drawing sharp criticism from both the Congress and the Bharatiya Janata Party (BJP).

The controversy follows two low-intensity explosions reported within a short span of time — one near the Border Security Force (BSF) headquarters in Jalandhar and another close to an army cantonment area in Amritsar. The incidents raised concerns over security, particularly given the sensitive nature of the locations.

In response, Mann suggested that the blasts could be part of a larger political strategy. His remarks triggered a strong backlash, with opposition parties accusing him of politicising a serious security issue.

Leaders from the Congress criticised the Chief Minister’s statement, calling it inappropriate and alleging that such comments undermine the gravity of the situation. They stressed that matters related to national security should be handled with caution and responsibility.

The BJP also joined the criticism, questioning the basis of Mann’s claims and urging the state government to focus on investigation and law enforcement instead of making political allegations.

The developments have led to an unusual moment where both Congress and BJP appear aligned in their criticism of the Aam Aadmi Party-led government in the state.

Meanwhile, the blasts themselves have intensified concerns over safety in border regions, with authorities continuing their investigation into the incidents. No casualties were reported, but the proximity to defence establishments has made the issue particularly sensitive.

The episode has further escalated political tensions in the state, with security and accountability emerging as key points of debate.

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Himanta Biswa Sarma resigns as Assam chief minister, oath ceremony likely after May 11

Himanta Biswa Sarma resigns as Assam Chief Minister after BJP-led NDA’s victory. He will continue as caretaker CM until the new government is sworn in after May 11.

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Himanta sharma

Assam Chief Minister Himanta Biswa Sarma resigned from his post on Wednesday, paving the way for the formation of a new government after the BJP-led NDA secured a decisive victory in the 2026 Assembly elections.

Sarma submitted his resignation to Governor Lakshman Prasad Acharya at Lok Bhawan in Guwahati. The Governor accepted the resignation and asked him to continue as the caretaker Chief Minister until the new government takes charge.

The resignation comes after the NDA’s strong electoral performance, where the alliance won a clear majority in the 126-member Assembly, ensuring its return to power for another term.

Oath ceremony expected after May 11

Speaking to reporters after submitting his resignation, Sarma said the swearing-in ceremony for the new government is likely to be held after May 11.

He indicated that Prime Minister Narendra Modi has been invited to attend the ceremony but is unavailable until May 11, which has influenced the tentative schedule.

Decision on next chief minister soon

Sources suggest that central observers, including senior BJP leaders, are expected to arrive shortly to oversee the selection of the legislature party leader. The newly elected MLAs will then decide on the next Chief Minister.

Despite the formal resignation, party sources indicate that Sarma is likely to continue in the role for another term, given the BJP’s strong mandate in the state.

The move marks the beginning of the government formation process in Assam following the election results declared earlier this week.

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