Wave cinemas cancelled all movie shows as soon as the news of the death of its owner Ponty Chadha reached the multiplex offices.
Wave Cinema is owned by Ponty Chadha's group with multiplexes in Noida and Ghaziabad.
Uttar Pradesh police beefed up security outside Wave group's property in Noida. The Centre Stage Mall in Noida Sector 18 was also shut down.
Apart from Center stage mall, Ponty's group constructed one commercial tower, which was declared open recently and two under-construction mall in Sector 18 market.
Wave group is constructing a mega township, Wave High-tech City, in Greater Noida and Ghaziabad.Hundreds of buyers have booked houses in this project, being sold as as an affordable housing option near Noida Extension.
Raids on Ponty
In February, the income tax department had raided 25 of Chadha's businesses and residential complexes across Delhi, Moradabad, Noida and Lucknow.
The raids came after a tip-off about alleged tax evasion by Chadha's firms. Though the IT department claimed to have seized cash and liquor from malls run by Chadha, it suddenly took a U-turn and said nothing substantial had been found.