Severe searches have been going on in the 55-years old Kapoor Watch Company. The search was carried out by the Income Tax Department (IT’D). In a gala event, Ranbir Kapoor, a film star, unveiled the first India limited-edition Franck Muller variants. The event was organized by the Kapoor Watch Company.
According to sources, around 20 premises are going to be searched. Even all the showrooms and premises of promoters are covered in the search.
The search conducted found many disturbing pieces of evidence from the company. Several hard copies and computerized data have been found and seized by time which started on Monday.
Kapoor Watch Company is part of the official Rolex worldwide network that has permission to sell and maintain premium Rolex watches. It doesn’t stop here, Kapoor Watch Company is not only an exclusive retailer of Rolex but many luxurious watch brands such as Audemars Piguet, Bvlgari, Cartier, Omega, and Tag Heuer. It has a total of 13 stores in India.
Kapoor Watch Company has a tie-up with Franck Muller to solely retail a 150-piece, first India fixed edition watch collection with a leafy green leather strap; these described clocks come in two options – steel and gold and rose gold.
In an event organized by Kapoor Watch Company, the first India limited edition Franck Muller variant from the hallmark Vanguard series of watches was unveiled by their Indian Brand Ambassador earlier this month. And the Indian Brand Ambassador of Franck Muller is none other than Film star Ranveer Singh.
The luxurious brand watches are priced in lakhs. Its revenue in the year 2022 is about Rs 350 crores which are 50% higher from 2019-20.
Kapoor Watch Company is part of the official Rolex worldwide network that has the authorization to sell and maintain premium Rolex watches. The company is 55 years old.
The Income Tax Department (ITD) conducted a search of two luxury watch companies in Delhi as a part of a tax evasion probe. The two luxury watch companies are the well-known, Kapoor Watch Company and Johnson Company along with their promoters.
According to sources, the main reason behind the raids was to check data, account books, bills, and sales of both companies to investigate whether there is any sign of infringement or tax ignorance.
There is no full information on why the two companies were chosen by the income tax department. However, few sources said that they have been alleged of tax evasion and discriminatory sale of watches that are worth of few lakhs.
