IT Raids Were Secondary, Clarifies My Home Group
Following Income Tax raids at business tycoon Rameshwar Rao Jupally's house and office, earlier this week, the construction firm My Home Group has stated that the searches were "secondary" and consequential to a search conducted on a Bengaluru-based real estate company.
Hyderabad (Telangana) [India], July 7 (ANI): Following Income Tax raids at business tycoon Rameshwar Rao Jupally's house and office, earlier this week, the construction firm My Home Group has stated that the searches were "secondary" and consequential to a search conducted on a Bengaluru-based real estate company.In a statement, the group said, "My Home Group wish to clarify in this regard that the search conducted by the IT Department is secondary and consequential to a search conducted on a Bengaluru-based real estate company at multiple locations in the country only to correlate certain information from our end, as one of companies of My Home Group has a joint venture project with that company for the development of a commercial real estate property in Hyderabad. My Home Group has provided the IT Department with all the information required by them."The group further clarified that all its group companies "conduct business with sound principles and by complying with all the corporate governance norms in letter and spirit. My Home Group has an impeccable track record in complying with the tax laws, regulatory norms and all other governance standards." (ANI)
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