Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the Income-tax Act, 1961 are being conducted at the residential and business premises of the key functionaries of the group, today i.e., 1st December 2015.

Survey is also being conducted at the business premises of another private limited company in Chennai which has shareholding in a company of the aforesaid group.

Certain incriminating evidence indicative of tax evasion and financial irregularities have been recovered during the on-going investigation. Further action as per law will follow.

The searches and surveys have been conducted strictly as per the provisions of the Incometax Act. These are consequential to the on-going investigations. There is no collateral purpose behind such actions and no political person or his family member are today shareholders or directors of the companies searched or surveyed by the Income Tax Department.

Disclosure of information respecting assessees is prohibited except as provided in section 138 of the Income-tax Act, 1961.