INCOME-TAX authorities today raided the premises of Great Eastern Shipping Company, Ipca Laboratories and RNA Builders.
Altogether, 40 premises have been raided and 20 bank lockers sealed. According to IT officials, the raid is continuing. Declining to elaborate, they said some incriminating documents and other material were found during the raids.
A GE Shipping source confirmed that income-tax officials searched two of its premises — Oceana in Worli and Energy House near Metro.
IT sources said the sources of funds used by the Sheths, promoters of GE Shipping, in certain deals, are unclear.
According to IT sources, the Rs 500-crore Ipca Labs has resorted to under-invoicing. The company has a strong presence in the analgesics, anti-bacterial and cardio-vascular segments of the pharma industry.
The source further said RNA Builders had found a mention in the IT appraisal report prepared after the raid on First Global’s Sankar Sharma. The report said RNA had kept Rs 19.5 crore at the disposal of First Global for stock market operations. The money was used mainly for arbitrage transactions, an IT source said.
Investigations had also revealed that there were discrepancies in some of the share transactions made on behalf of RNA. The transactions apparently did not reconcile with the stock exchange records of the same, sources said.
The department had also raided the premises of the freight forwarding and clearing agency, JM Bakshi group, on October 18 and found concealed income of about Rs 46 crore, the officers said.
Read full article: The Hindu Business Shine