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Income-tax dept raids
March, 07th 2009

Jai Corp. Ltd, a steel and plastics processor, said income-tax officials conducted searches at the companys office premises.

Tax officials also searched the residence of chairman Anand Jain on Thursday, the Mumbai-based company said in a statement to the Bombay Stock Exchange (BSE) on Friday. The company has complied with all reporting requirements, it said.

Jai Corp., which also invests in real estate, venture capital and infrastructure, fell 2.8% to Rs72.15 at the close in Mumbai trading, extending Thursdays 5% decline.

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