IT raids at OOH agency Signpost India over Kolkata airport advertising tender
According to the company, the raids are connected to the company’s subsidiary, S2 Signpost India Pvt. Ltd., which was set up to manage advertising operations.
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The Income Tax Department carried out search and seizure operations at the office of Signpost India Pvt. Ltd., a prominent digital out-of-home (DOOH) advertising agency, as part of an investigation under Section 132 of the Income Tax Act, 1961.
According to the company, the raids are connected to the company’s subsidiary, S2 Signpost India Pvt. Ltd., which was set up to manage advertising operations linked to the Netaji Subhash Chandra Bose International Airport (NSCBIA) in Dum Dum, Kolkata.
Section 132 of the Income Tax Act empowers authorities to conduct searches and seize property without prior judicial approval, provided they have “reason to believe” that a person or entity has concealed or evaded income. The provision allows officers to inspect premises, vehicles, or other locations suspected of holding undisclosed financial assets, and to confiscate money, jewellery, documents, or other valuable materials found during such searches.
In a statement, Signpost India Ltd. confirmed that it is “fully cooperating with the Income Tax authorities” and assured stakeholders that the proceedings have “no material impact on the business operations of the parent company.”
The ongoing probe is expected to focus on financial transactions and advertising tender awards related to the airport project.
Signpost India is a major player in the Digital Out-of-Home (DOOH) advertising & integrated media space. The company was founded in 2008 by Shripad Ashtekar and Dipankar Chatterjee. The OOH agency recently announced a nine-year exclusive contract with Bangalore Metro Rail Corporation Limited (BMRCL) for advertising rights across 67 Namma Metro stations. This long-term partnership covers over 100000+ sq. ft. of premium media space and holds a revenue potential of up to ₹700 crore.
This new collaboration further strengthens Signpost India’s track record of implementing transit media solutions across key Indian cities, including Mumbai, Bengaluru, Chennai, Kolkata, Pune, and Hyderabad.
Karnataka High Court recently allowed Signpost India to resume its advertising business in Bengaluru following an interruption due to notices by the Bengaluru municipal corporation. This is projected to add Rs 60 crore to Rs 70 crore annually to the company’s topline.
