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Dispute over Rs 15-20 cr expenses: IRB Infra on I-T raid

Speaking to CNBC-TV18 in an exclusive, the management of the company says that the I-T raid was only a routine search operation on the company’s premises. “However, some small cost implications do exist as a result of the raid,” says VD Mhaiskar, chairman and managing director, IRB Infrastructure.

July 25, 2011 / 13:50 IST
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Toll-road builder, IRB Infrastructure was having a home run with forecast-beating June quarter result of 13% rise in net profit. Adding to this, the news of the company winning the Ahmedabad-Vadodara six-lane project had sent the management into jubilation. Then came the shocker of an I-T raid that put a damper on the party. The income tax department raided 40 premises of IRB in Pune and Mumbai that sent the stock plummeting 4% within the day

first published: Jul 25, 2011 11:22 am

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