IT searches conducted on over 30 Ispat premises

The Income Tax Department today conducted nation-wide searches at more than 30 premises of steel maker Ispat Industries in connection with alleged tax evasion.

The searches were conducted at Mumbai, Nagpur, Delhi, Kolkata and 25 other places of the company and their associates, including dealers, sources in income tax department said.

Residences of key management persons were also searched, they added.

"Our searches were carried on the premises of officials while survey operations were carried out on the dealers and the operators," a sources in the know of the development said.

More than 250 sleuths are involved in the exercise, which began this morning and will continue till late night, sources added.

When asked Ispat Industries Vice President and Managing Director Vinod Mittal said, "As of now the company has no comments to make." Company chairman Pramod Mittal could not be reached.

The domestic steel maker is said to be facing financial problems on account of a debt of about Rs 7,000 crore.

Its losses for the quarter ending September 30 had widened to Rs 331 crore from a loss of Rs 79 crore in the same period a year ago.