 "income tax")
The income-tax department is conducting a search operation on Matix group Vice-Chairman Nishant Kanodia and related persons in connection with investment of Rs 3.25 billion by its Mauritius-based Firstland Holdings into Deepak Kochhar’s NuPower Renewables through cumulative convertible preference shares (CCPS).
Firstland is a company owned by Nishant Kanodia, son-in-law of Essar group co-founder Ravi Ruia.
The searches follow tax investigation into multiple transactions, involving Deepak Kochhar’s company NuPower, Videocon Industries and other related parties in India and abroad. Confirming the development, a senior tax official said searches were underway at eight locations including Mumbai, Kolkata and Panagarh, in West Bengal. According
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