The income tax department searched Polycab's premises on January 10. The officials raided 50 premises of the company in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi
The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai, the I-T department said in a statement, without naming the firms.
The raid has been going on since 7 am at the residence of Rai at Sahadatpura of Mau district
The I-T raids were carried out on March 4 at 27 premises in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur, and Indore.
The taxman’s investigation spans over 100 shell companies and citizens who failed to disclose unaccounted income under the disclosure scheme, sources told CNBC-TV18.
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.