This Article is From Nov 23, 2011

I-T raids offices of Nagarjuna Constructions Company

I-T raids offices of Nagarjuna Constructions Company

Highlights

The Income tax department on Wednesday conducted simultaneous searches at various offices of city-based infrastructure firm Nagarjuna Constructions Company (NCC).

"There is nothing specific about the searches. Just a routine. Searches are going on at NCCL's offices all over India. It will go on till tomorrow. Then only we will decide if any records are to be seized," a senior I-T department official said.

NCC had recently suffered a setback as the Union Environment Ministry suspended its clearance for a thermal power plant the company proposed to set up in coastal Andhra Pradesh, hours after an environment tribunal announced a stay on it.

Three persons had died in police firing after the local fishermen and environment activists tried to obstruct the company from taking up civil works of the power plant in July.

The company scrip closed at Rs 158.75 in Bombay Stock Exchange today, down 2.25 per cent over its previous close.

Another city-based infrastructure firm, IVRCL is reportedly under the I-T department scanner for its alleged involvement in offering bribe to former Jharkhand Chief Minister Madhu Koda for securing infrastructure projects in that state.