I-T searches at Nagarjuna Construction Company

Income tax officials today conducted simultaneous searches at various offices of the Nagarjuna Construction Company (NCC) here.

Updated: Oct 06, 2010, 18:37 PM IST

Hyderabad: Income tax officials today
conducted simultaneous searches at various offices of the
Nagarjuna Construction Company (NCC) here.

According to sources close to the development the
searches began in the morning and lasted more than five hours.

However, it is not clear if the raids were aimed at a
particular project that the company is currently handling.

A company official confirmed the searches and said they
were surprised by the I-T department`s action.

The I-T sleuths, who carried out the searches at all
important branches of the company, declined to divulge any
details.

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

Three persons were killed 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.

PTI