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Gujarat: I-T dept searches 40 premises of 2 firms

The searches on the firms were independent of each other and were carried out at multiple locations in Ahmedabad, Mumbai, Delhi and Rajasthan.

The I-T searches found that the minimum cash payout made out by the ARCs to lenders for acquiring the stressed assets were made through the funds of the borrower group.

The Income Tax (I-T) department on Tuesday searched around 40 locations belonging to Astral Limited and Ratnamani Metals and Tubes Ltd across the country, including in Gujarat, for unaccounted income, officials said.

The searches on the firms were independent of each other and were carried out at multiple locations in Ahmedabad, Mumbai, Delhi and Rajasthan. The department has so far seized over Rs 1 crore and 12 bank lockers, sources added. Residences of officials and offices of both the firms were searched. Searches were also conducted on the office of Astral Pipes on SG Road in Ahmedabad.

Investigations were carried out at 25 locations in Ahmedabad and 15 locations outside Gujarat. Chairman of Astral Pipes, Sandeep Engineer, and chairman of Ratnamani, Prakash Sanghvi, are being probed by the department along with the company directors.

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More than 150 officials were part of the searches carried out on Tuesday.

The stocks of Astral Ltd , a listed firm have been among the multibagger stocks and have risen around 135 per cent in the last one year.

Astral is a leading manufacturer of plastic pipes and has recently also entered the adhesives segment.

On Tuesday, the share price of Astral Ltd fell 0.54 per cent to close at Rs 2,216 a piece.

First published on: 24-11-2021 at 02:39 IST
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