Income Tax department searches premises of Hatsun Agro, its Directors

CHENNAI: Income Tax sleuths searched the business premises and residences of key personnel of Chennai-based private diary producer, Hatsun Agro Product, for alleged false claims of tax exemption for the last six years.

The searches were conducted simultaneously at 11 places, including Rajiv Gandhi Salai, Karapakkam, four locations in Salem and Dharmapuri and residences of the company’s directors, one income tax official said on condition of anonymity.

Investigations are ongoing and the exact amount of evasion will be known in two days, he said R G Chandramogan, chairman and managing director of Hatsun Agro Product, did not return calls seeking a comment.

The firm’s shares closed down nearly 3 per cent at Rs 285.75 on the BSE.

Hatsun Agro, whose popular brand includes Arokya milk and Ibaco and Arun ice creams, has an annual revenue of over Rs 2,000 crore.