CHENNAI: G Square Realtors on Wednesday denied reports that appeared in a few news channels that Rs 3.50 crore in cash was seized from the firm during the searches carried out by the Income Tax department last month.
Hitting out at the reports, the managing director of G Square Realtors Pvt Ltd, Bala alias Ramajeyam, said in a statement the searches by the Income Tax department conclusively and unequivocally confirmed that the company has no association with any political party or family member of any such party.
The company also said the investigation has also debunked all baseless allegations, “including the false and malicious claim” regarding the company’s net worth of Rs 38,000 crore. “Over the last one week, we have extended our full cooperation to income tax officials. We have also furnished all documents and information relating to our business and gave evidence of sources of income from all our completed and ongoing projects,” the statement said.
The company said the searches were of routine in nature to ensure adherence to tax laws and rules of the land, and several real estate companies across the country have also been subjected to similar inspections by the income tax department over the past few months.
On certain social media posts that have associated a particular chartered accountant with G-Square, the company said that it is contrary to the fact. “Its statutory auditors are G Shankar and Associates. Similarly, AVS Associates are its compliance and audit agency,” the statement said.
The income tax department carried out the searches a week after state BJP president K Annamalai released DMK files. Annamalai had raised allegations that ‘G square’ is owned by the ‘1st family of DMK’; and has a total revenue holding of Rs 38,827.70 crore and that the funds were wrongfully amassed through corruption.
The searches sparked protests from the DMK cadre in Anna Nagar when the premises of MK Mohan, DMK MLA from Anna Nagar constituency, and his son Karthik Mohan were searched.