Income-tax searches at GMR Infra

The income-tax department on Thursday conducted searches at the offices of GMR Infrastructure across four cities, including its headquarters in Bangalore. The search, which commenced in the morning, carried on right through the day. It is learned that several documents were seized and there was a thorough examination of the tax papers.

"This morning, officials from the Income-Tax department came to some of our offices to check our books. We are extending all assistance to the team of officials. We are confident that they will find our corporate practices and books satisfactory," GMR said.

GMR's offices in Bangalore, Delhi, Mumbai and Hyderabad were searched simultaneously. It is believed that the tax men were looking at possible tax evasions by the company. Incidentally, the search operation came a day after political activist Arvind Kejriwal hinted that he will expose the nexus between certain politicians and three companies, namely GMR, India Bulls and DLF.

GMR was recently in the eye of controversy over the CAG's criticism of land allocation to the Delhi airport, which the company operates. GMR has countered the CAG's observations, saying that the land was not given cheaply as alleged.

"At GMR Group, we follow the highest ethical and legal standards in our businesses. As an Indian multinational infrastructure developer, we have businesses in Turkey, Singapore, Indonesia, Maldives, South Africa and Nepal besides India and have robust institutional measures to monitor as well as implement corporate governance of the highest order," the company's statement on Thursday said. "We are confident that these on-the-spot checks will vindicate the same."

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