bhushan steel confirms i-t raids, denies any w

well they denied it at 1st , sounds familiar............ just like when they held extra shares in orrisa sponge they also denied that. that came back with a fine from sebi.

they also denied saying to the press we have about 1 billion ton of coal.............

wont be long by the sound of it they will have to admit to this??


http://www.moneycontrol.com/news/cnbc-tv18-comments/bhushan-steel-confirms-i-t-raids-denies-any-wrongdoing_444963.html

Bhushan Steel confirms I-T raids, denies any wrongdoing

The Income Tax Department has concluded raid operations on Bhushan Steel and Bhuhsan Power & Steel, sources told CNBC-TV18's Ashwin Mohan. The alleged total disclosure post the raid operations stands at Rs 502 crore.

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.

The alleged disclosures fall under three heads - share capital, property investment, and bogus expenditure. Prohibitory orders have been passed on bank lockers and bank accounts in the raid premises.