Hyderabad: I-T raids on Asian Cinemas

Hyderabad: The sleuths of Income Tax department carried out searches of the premises of Asian Cinema & Multiplexes Private Limited and Skill Promoters Infra Private Limited on Tuesday.

The officers from the anti-tax evasion wing of the department began the searches early on Tuesday morning at the residence and corporate offices of the two companies based in Hyderabad. The promoter of Asian Cinemas & Multiplexes, Sunil Narang, owns a chain of theatres in the twin cities. The multiplexes are located across Kukatpally, Uppal and Kapra. The unlisted private company was incorporated in 2008.

Asian Cinemas is headed by four directors – Narayandas Kishandas, Narang Bharat and two others. The taxmen searched the residence of Sunil Narang as well as their corporate offices.

IT sleuths also searched the properties of Skill Promoters Infra. Incorporated in 2014, the company is classified as a private limited and has four directors – Boppana Sarat Gopal, Boppana Tara Chand and others.

Built the biggest malls with Mahesh Babu

IT officers raided their corporate office as well. It has built the biggest multiplex mall – AMB Mall in association with popular hero Mahesh Babu at Kothaguda in Hyderabad. It is planning to construct another multiplex in association with another top hero Allu Arjun.

At present, Asian Cinema is producing a film being directed by Sekhar Kammula with Naga Chaitanya as the hero. The firm is also into large scale distribution of big films and is running several theatres. It may be mentioned here that Income Tax authorities recently conducted a series of raids over four days on a major infrastructure company and seized unaccounted assets, apart from finding evidence of illegal payments through hawala channels.

Besides, IT authorities raided the ashram and offices of ‘Kalki Bhagawan’ in Chittoor district and unearthed huge piles of unaccounted cash and illegal properties.

By Mohammed Hussain mohammedhussain.reporter@gmail.com