New Delhi: The income-tax department on Thursday raided the premises of flexible packaging materials company Uflex Ltd (formerly Flex Industries), and telecommunications firm Himachal Futuristic Communications Ltd (HFCL) in search of undisclosed assets. According to last available reports, income-tax officials searched 10 premises of Flex and picked five locations for surveys.
When contacted, R.K. Jain, president, finance, Uflex said he was not aware of the raid. “I am out of office and I don’t know if any such raid has happened,” he said.
The number of HFCL locations searched was not immediately known. HFCL’s managing director, Mahendra Nahata, could not be reached for comments. The locations of the companies picked for raids are spread over New Delhi and Uttar Pradesh, said an official of the income-tax department, who did not want to be identified. A search allows the department to seize undisclosed assets, while a survey allows them to only impound documents.
AR Airways Pvt. Ltd, which manages a fleet of chartered jets under the brand name Club One, was asked by the I-T department to provide a passenger manifest of people who travelled by Club One airways in the last few month. “They asked for the manifest which was readily available. The airport authorities anyway have the manifest,” said Manav Singh, managing director, AR Airways. The jets are generally hired by industrialists and politicians.
Ashok Chaturvedi, chairman and managing director, Flex Group, of which Uflex is a part, owns an aircraft managed by AR Airways. Chaturvedi was not available for comment.
A search requires a warrant that is approved by the Director General of Investigations, the highest ranking investigation official in the I-T department. And the raids can take place only after this officer approves the “satisfaction note”, which records the reasons a search has to be conducted.
It would take at least a day before the investigating team is able to assess undisclosed assets, if any, said a senior official at the finance ministry who did not wish to be identified.