Sleuths of Income Tax Department have initiated search operations across several offices of the Hyderabad-based Nagarjuna Construction Company Ltd. The search process was initiated in the early hours of Wednesday starting from its corporate office in Hyderabad and across different locations and other parts of the country. The search operations, conducted by about 40 officials, lasted till late in the evening.
When contacted, sources in the company confirmed the development but refrained from providing any other details as to what issues the IT Department has taken up for investigation. However, the company sources expressed that they were surprised by the searches initiated by the department. In fact, on the day the searches were initiated, NCC top officials were to take part at a meeting hosted to deliberate about issues relating to transitioning to new accounting system – International Financial Reporting Standards.
The event was co-hosted with consultancy firm Deloitte. None from the senior management turned up due to search operations. The construction company recently received a jolt with its power project planned at Sompeta in Andhra Pradesh, failing to cross the environmental hurdle.
