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I-T raids on Flex, HFCL

Last updated on: May 10, 2007 17:10 IST

Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.

The search was conducted in Uflex's facilities in Uttar Pradesh and Delhi, officials of the Income Tax Department said on Thursday.

The IT Department is also conducting survey operations on five premises of the Uflex, which was promoted as Flex Industries by Noida businessman Ashok Chaturvedi in 1983.

The search operations were also conducted on residential premises of Chaturvedi, officials said, adding that cash, jewellery and incriminating documents were seized during the operations.

Some of the family members of Chaturvedi, who is very close to a senior Samajwadi Party leader, allegedly benefited in the Noida land scam case involving allotment of land at concessional rates to influential people.

Uflex, which is listed on Bombay Stock Exchange, manufactures packaging products, polyester film, inks and adhesives.

The Flex Group, which has a turnover of around Rs 700 crore (Rs 7 billion) and employs more than 2,000 people, has offices in various cities in India including Delhi, Mumbai, Kolkata and Bangalore.

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