Income Tax officials search Ashoka Buildcon offices

The company said it has extended its full co-operation and provided all the requisite information to the I-T authorities

Construction firm Ashoka Buildcon on Monday said Income Tax (I-T) officials searched the firm's offices last week.

"I-T authorities have carried out search and seizure proceedings at the premises of the company and certain officials under from April 05, 2016 to April 09, 2016," Ashoka Buildcon said in a BSE filing.

The company has extended its full co-operation and provided all the requisite information to the I-T authorities, it added.

It is further clarified that the above proceedings have not impacted any routine operations and working of the company, it said.

"This is to put on records that, as far as the Company and officials are concerned, no incriminating documents have been found," the filing added.

 

Shares of the company were up by 6.23% to Rs 155.95 apiece on the BSE in the afternoon trade.

Since last fortnight, the company's stock has been under heavy pressure following allegations of the company's links with former Maharashtra Deputy Chief Minister Chagan Bhujbal.

On April 6, Ashoka Buildcon's stock dipped about 20% after joint searches were conducted by the Enforcement Directorate and I-T department amid allegations that it financed certain construction by family members of Bhujbal, who was arrested last month in a money-laundering case.