The Income Tax Department's search operations conducted in December 2025 attracted considerable attention across India's corporate and investment circles. Widely referred to in media reports as the Refex Group IT raid, the development generated extensive coverage, influenced investor sentiment, and led to heightened market activity surrounding the listed company. As events unfolded, the company issued statutory disclosures through the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), providing investors with official updates in accordance with SEBI regulations.

As reports emerged, discussions ranged from tax-related inquiries to speculation over possible financial irregularities. In response, the company issued statutory disclosures through the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In the months that followed, additional publicly available documents, including a response obtained under the Right to Information (RTI) Act, added further context. This article compiles information from official disclosures and publicly accessible records to present a factual chronology of the events.

Company Overview

The Chennai-headquartered enterprise is listed on both the BSE and NSE under the trading symbol Refex. Originally incorporated as Refex Refrigerants Limited, it has expanded into multiple business segments, including ash handling, renewable energy, electric mobility, infrastructure services, power trading, and industrial solutions.

As a listed entity, it is required to disclose material developments through recognised stock exchanges to ensure equal access to information for shareholders and investors.

Timeline of Events

Search Operations

According to the company's exchange filings, officials from the Income Tax Department initiated search proceedings on 9 December 2025 at locations connected with the business and certain related entities.

Searches conducted under the Income-tax Act generally involve the examination of records, financial documents, electronic data, and other materials considered relevant to an investigation. Such operations may extend across multiple offices and associated premises depending on the scope of the inquiry.

The exercise continued for several days before concluding on 13 December 2025.

As news of the searches emerged, financial markets and investors closely monitored developments, resulting in significant public interest.

Regulatory Disclosure

While the search was underway, the listed company issued an official clarification through the stock exchanges on 12 December 2025.

In its filing, the organisation confirmed that it was cooperating fully with the Income Tax Department by providing all requested documents and information.

The disclosure also addressed media reports circulating at the time, noting that some published claims did not correspond with the information contained in its regulatory filings. The company reiterated that any material developments would be communicated through the recognised stock exchanges in accordance with SEBI requirements.

Impact on Investor Sentiment

The regulatory action prompted increased attention from market participants, leading to volatility in the company's share price.

Such reactions are common when listed entities become the subject of official investigations, as investors often respond to emerging information while awaiting verified updates from regulatory filings.

As additional disclosures were released, shareholders had access to official information alongside broader media coverage.

Business Continuity

A key aspect of the company's disclosures was the confirmation that normal business activities continued throughout the search period.

According to the filings, manufacturing operations, project execution, customer commitments, and administrative functions remained unaffected while the organisation cooperated with the authorities.

Such operational updates are routinely provided by listed companies to reassure investors regarding business continuity during regulatory proceedings.

Post-Search Update

After the search concluded, another filing was submitted confirming that the proceedings had ended on 13 December 2025.

The disclosure further stated that, as of that date, no communication, notice, or order indicating adverse findings arising from the search had been received from the Income Tax Department.

The statement reflected the company's position at that stage and formed part of its continuing disclosure obligations under SEBI regulations.

RTI Response

In February 2026, a response obtained under the Right to Information Act entered the public domain.

According to the reply, the Income Tax Department had not issued any public press release regarding the December 2025 search operations.

The RTI response addressed only the existence of a departmental press release and did not comment on the outcome of the search or any subsequent assessment proceedings.

Together with the exchange filings, this document contributes to the publicly available record surrounding the events.

Separate SEBI Proceedings

During the same period, the company also received attention due to a separate order issued by the Securities and Exchange Board of India (SEBI).

That matter related to alleged insider trading involving Unpublished Price Sensitive Information (UPSI) during an earlier period and was independent of the Income Tax Department's search.

The regulatory order imposed monetary penalties on the company's Chairman and Managing Director, Anil Jain, along with certain connected parties.

Although both matters attracted public attention, they arose from different regulatory processes and should not be viewed as part of the same proceeding.

Subsequent Business Developments

Following the completion of the search, the company continued announcing business developments through its regular disclosure framework.

Updates included progress in renewable energy, infrastructure services, ash handling, electric mobility, and other business verticals. During 2026, it also introduced an employee recognition programme honouring long-serving staff members.

These announcements indicated that strategic initiatives and day-to-day operations continued after the search proceedings had concluded.

Key Takeaways for Investors

• Regulatory investigations involving listed companies often attract widespread attention from investors and the media. During such periods, information may originate from multiple sources, making it important to distinguish between official disclosures and unverified reports.
• For shareholders and market participants, filings submitted through recognised stock exchanges remain the primary source of verified corporate information.
• In this case, the exchange disclosures, publicly available regulatory documents, and the RTI response collectively provide the documented sequence of events surrounding the December 2025 search.

Conclusion

The December 2025 Income Tax search remains an important event in the company's recent regulatory history. Since then, the public record has expanded through stock exchange disclosures, regulatory documents, and an RTI response that together provide a documented timeline of the proceedings.

For investors and market observers, these official records offer the most reliable account of the events. As with any regulatory matter, future developments should continue to be assessed through verified public disclosures and communications issued by the relevant authorities.