Written by: ENS Economic Bureau
2 min readNew DelhiOct 12, 2012 12:44 AM IST
First published on: Oct 12, 2012 at 12:44 AM IST
The Income Tax Department today raided several premises of the GMR Group,including their offices in Delhi,Mumbai,Bangalore and Hyderabad,suspecting tax evasion.
According to income tax sources,the operation was spearheaded by the investigation unit of Bangalore,and Delhi investigation unit was roped in later.
Confirming the development,the GMR Group said,This morning,officials from the Income Tax Department came to some of our offices to check our books. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory… At GMR Group,we follow the highest ethical and legal standards in our businesses.
The investigation team of about 100 I-T personnel also searched the offices from where the infrastructure group carries out its DIAL Delhi International Airport Ltd operations. The income tax officials said that the searches and seizures are likely to continue till late night. The department has seized various documents,including those relating to the tax deducted at source TDS of the company.
The Indian multinational company has operations in Turkey,Singapore,Indonesia,Maldives,South Africa and Nepal. The company is best known for building both the Hyderabad International Airport and the Delhi International Airport.
The group is active in airports,energy,highways and the urban infrastructure sectors. GMR Group is among the companies that activist Arvind Kejriwal sought a probe into,along with companies like India Bulls and BPTP.
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