bhushan office it raid

http://www.moneycontrol.com/news/cnbc-tv18-comments/i-t-dept-raids-bhushan-steel-bhushan-power-sources_444751.html

I-T Dept raids Bhushan Steel, Bhushan Power: Sources

The Income Tax Department has raided Bhushan Steel and Bhushan Power & Steel, sources told CNBC-TV18's Ashwin Mohan. The operations were conducted nationwide on 48 premises, both business and residential. Operations were conducted in Delhi, Chandigarh, Kolkata, Orissa, Ranchi, Mumbai, Raigarh, and Ghaziabad.
A total of 11 premises were searched under section 132 of the Income Tax Act while 37 premises were surveyed under section 133A.

Alleged bogus expenses and cash sale outside the books of accounts is the likely cause for the raids. The Delhi Investigative Wing of the I-T Department is heading the raid operations.

http://www.bloombergutv.com/stock-market/stocks/commentary/378866/bhushan-steel-loses-its-sheen-on-buzz-of-it-raids.html


A media report suggested that the Income Tax Department raided Bhushan Steel and Bhushan Power & Steel's 48 premises, both business and residential, nationwide. Operations were reportedly conducted in Delhi, Chandigarh, Kolkata, Orissa, Ranchi, Mumbai, Raigarh, and Ghaziabad.

A total of 11 premises were searched under section 132 of the Income Tax Act while 37 premises were surveyed under section 133A. Alleged bogus expenses and cash sales outside the books of accounts is reported to be the cause for the raids. The Delhi Investigative Wing of the I-T Department is heading the raid operations.

However, when contacted by the media, Bhushan Steel clarified that it was not aware of any raid operations.

Bhushan Steel's net profit soared 996.6% to Rs 227.43 crore on a 42.6% rise in sales to Rs 1429 crore in Q3 December 2009 over Q3 December 2008.

Bhushan Steel makes cold rolled, galvanized and special steel and strips. It also produces angles and wire rods. The company's plants are located in Uttar Pradesh, Maharashtra and Orissa.

Promoters have pledged 43.33 lakh shares, or 10.20% of the equity capital of the company. The total promoter shareholding in the company is 69.16% (end December 2009).