The income tax department today conducted searches at the offices of Housing Development and Infrastructure Ltd (HDIL), a Mumbai-based property developer, and the residences of its promoters and directors.
The search, which started from 8.30 am, was expected to go on till night, sources said. HDIL Managing Director Sarang Wadhawan did not return calls and messages through the day.
HDIL, promoted by the Mumbai-based Wadhawan family, is one of the biggest players in slum rehabilitation schemes. It is currently involved in the rehabilitation of slum dwellers in the Mumbai International Airport project.
HDIL had a net profit of Rs 107.4 crore on total revenue of Rs 295.3 crore in the first quarter of the current financial year. Its shares fell today by 3.85 per cent, even as the benchmark Sensex rose 0.21 per cent.
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