Nationwide I-T raid on Ispat Industries | business | Hindustan Times
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Nationwide I-T raid on Ispat Industries

business Updated: Nov 30, 2010 22:40 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The income-tax sleuths on Tuesday conducted a nationwide search operation at the premises of steel-maker Ispat Industries Ltd in connection with alleged tax evasion.

The searches were conducted at company's offices in Mumbai, Nagpur, Delhi and Kolkata and at the residences of the company's managing director Vinod Mittal and a few key management officials, sources in the income tax department said.

Vinod Mittal is the brother of Lakshmi Nivas Mittal, the steel tycoon, who controls ArcelorMittal, but their companies are independent.

The other promoter of Ispat Industries, Pramod Mittal, also a brother, is the chief executive officer of Global Steel Holdings, Isle of Man.

The income-tax officials also conducted surveys in nearly 20 destinations of the company's dealers across the country.

“More than 250 sleuths are involved in the exercise, which began this morning and will continue till late night. We're collecting documents, which indicates towards a huge tax evasion,” sources in the income tax department said.

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