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I-T raid on HDIL office for alleged tax evasion

I-T raid on HDIL office for alleged tax evasion
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First Published: Thu, Sep 10 2009. 10 58 PM IST
Updated: Thu, Sep 10 2009. 10 58 PM IST
Mumbai: The investigation wing of the income tax department in Mumbai on Thursday searched at least 14 offices of Housing Development and Infrastructure Ltd (HDIL), for alleged tax evasion. HDIL is India’s third largest realtor by market value, with a markct capitalization of Rs10,674.43 crore at the end of trading on Thursday.
HDIL’s shares dropped 3.85% on the Bombay Stock Exchange on Thursday to Rs308.65. The benchmark 30-stock Sensex rose 0.21% to close at 16,216.86 points. HDIL is listed on both the BSE and the National Stock Exchange (NSE).
The search began at 8:30am at the firm’s corporate offices in Mumbai. A senior IT official confirmed the development but declined to disclose the findings of the search. “The search and survey pertain to tax evasion issues related to the real estate and infrastructure sector,” he said, adding that the search would continue on Friday. He declined to be identified.
Hariprakash Pandey, deputy general manager (finance) of HDIL also confirmed that the searches had been conducted. “It is a normal income tax search on the corporate offices of HDIL and the officials are checking the books of accounts of HDIL,” he told Mint.“There is no specific reason for this inquiry. There are no specific findings as of now as the enquiry is still on.”
HDIL had earlier raised Rs1,698 crore through a qualified institutional placement or QIP, in which shares are placed privately with potential institutional buyers such as banks. HDIL cut its debt to Rs2,900 crore at the end of June from Rs4,143.31 crore at the end of March.
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First Published: Thu, Sep 10 2009. 10 58 PM IST