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The Income Tax (I-T) Department today conducted a raid at ADL Orbit Cables, a sponsor of Chennai Super Kings (CSK), one of the IPL teams. It is owned by India Cements.
While company spokesperson did not respond to the calls and messages, senior official from the IT Department confirmed the development.
The premises raided include Chennai, Delhi, Hyderabad, Uttarakhand and in Bangalore.
"The raid was conducted for not paying tax properly," said the official, who refused to share other information as the raid was still on.
ADL Orbit Cables was set by Amit Aggarwal and Lokesh Tayal, a first generation entrepreneur in 1996.
The company manufactures high quality cables and wires with its unit set up in Haridwar.
Orbit Cables has warehouses and physical distribution with a warehousing space in Haridwar (Delhi), Chennai (Tamil Nadu) and Hyderabad (Andhra Pradesh), which caters to all its product needs.
Sources said that around 350 officials were involved in the search in 25 places including 10 each in Tamil Nadu and Delhi. While the company claims its turnover as Rs 50-60 crore, the IT Department is suspecting this to be twice as what the company claimed. Sources also said that the company has spent around Rs 3 crore in sponsoring the Chennai IPL team Chennai Super Kings.
The company announced its association with IPL 7 by terming itself as an "official power partner" to the team Chennai Super Kings.
