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Tax raids on Uflex, HFCL, shares decline

Tax raids on Uflex, HFCL, shares decline
PTI
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First Published: Thu, May 10 2007. 07 53 PM IST
Updated: Thu, May 10 2007. 07 53 PM IST
Mumbai: Tax officials conducted search operations on 10 premises of Noida-based Uflex Ltd, promoted by Ashok Chaturvedi who is said to be close to Samajwadi Party, for suspected tax evasion on 10 May.
The search operations covered facilities of Uflex in Uttar Pradesh and Delhi, besides offices and residences of executives of telecom equipment maker Himachal Futuristic Communications Ltd (HFCL) in Himachal Pradesh and Haryana, officials of the Income Tax Department said today.
The IT Department also conducted survey operations on five premises of Uflex, which was promoted as Flex Industries by Chaturvedi in 1983.
Raids were also simultaneously carried out in Chaturvedi’s residential premises, from where officials said cash, jewellery and “voluminous incriminating documents” were seized during the raid and it would take time to ascertain the extent of tax evasion.
Reacting to the search, Samajwadi Party leader Amar Singh termed the raids as “coercive” measures by the Congress-led government at the Centre.
“If they want to raid me or Mulayam Singh, they are more than welcome to do that. We are not not afraid, or apprehensive of Congress’ coercive measures”, he told reporters outside Parliament.
Chaturvedi’s name had also cropped in the controversial allotment of land in Noida during the Samajwadi Party’s tenure, but the allocations were cancelled subsequently.
Uflex, which is listed on Bombay Stock Exchange, makes packaging products, polyester film, inks and adhesives.
Shares of Uflex plunged to Rs 151.80 from the intra-day high of Rs 158, while HFCL’s stock dropped to close at Rs 24.20 from the day’s high of Rs 26.
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First Published: Thu, May 10 2007. 07 53 PM IST
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