IT raid on Sunil Hitech Engineers a routine procedure; all allegations are baseless: Sunil Gutte, MD

In a chat with ET Now, Sunil Gutte, MD, Sunil Hitech Engineers, talks about the IT raid in the company's premises. Excerpts:

ET Now: What was that IT raid in your premises all about?

Sunil Gutte: The IT raid conducted was last week was routine in nature. The company has extended full cooperation to all the authorities; all information, clarification sought by Income Tax Department have been provided.

The search has not affected any operations of the company. All the operations are running routinely.

ET Now: There are allegations of cash being routed via fake agencies, of sub-contraction of work to paper companies. Can you clarify?

Sunil Gutte: These allegations are absolutely baseless. During the raid, no such issue was raised.

I would like to clarify that there have been no cash routing operations or any kind to any fake, paper company. There has been no sub-contraction.

ET Now: Which time period do the documents that the IT department sought belong to?

Sunil Gutte: The IT department had sought a few records over which they had some doubts. Our finance team is confident that they will be able to clear any doubt regarding this.

I reiterate: no paper companies, no cash withdrawals, no such thing was bought to our notice during the raids.

ET Now: How much is the IT claim on your expenses, and for what period?

Sunil Gutte: Right now there is no specific claim on our company. They have opened books of accounts of the last six financial years. The raid will cover expenses and revenue details from 2009 to 2010. I don't have any written communication from the IT department on that.