The search and seizure operations at the company's Bangalore, Mumbai, Hyderabad and Delhi offices are being carried out by the investigation wing of the IT department.
I-T department sources have told CNBC-TV18 that the raids are being conducted on suspicion of tax evasion by the company. Investigations are being done under section 132 of the I-T Act that corresponds to search and seizure.
The company has issued a statement on the matter. GMR says, "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."
Search operations are underway in Bangalore, Hyderabad, Mumbai and Delhi offices of GMR. GMR's Hyderabad office is being searched by a team of eight IT officials from Delhi, reports Sumit Jha of CNBC-TV18.
Not much information is available either from the IT department or from GMR, the reason for the raids and the outcome of the raid.
However, GMR said that they are confident that they will come clean in these searches.
Recently, CAG in a very scathing criticism of GMR-led consortium DIAL which operates the Delhi Airport said that the PPP model on which DIAL was running the Delhi Airport was flawed and had major discrepancies.
On Wednesday a PIL was also admitted by the High Court based on the same observations of anomalies by the CAG and the first date of hearing of that PIL is on October 31.
Shares of GMR Infrastructure closed up 3.44% at Rs 24.05 apiece.
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