I-T raids on Ravi Foods, related real estate firm

  • | Thursday | 15th November, 2018

Ravi Foods promoters are also directors of DSA Builders and Promoters. Ravi Foods Ltd incorporated in 1988 and ran industry at Katedan in the city. Ravi Foods is a Rs 1500-crore revenue-earning company, including Rs 400 crore exports.Sources told TOI that searches were conducted on the residences of the key promoters of Ravi Foods identified as Ravinder Kumar Agarwal, Rajender Kumar Agarwal and Kedarnath Agarwal. Income Tax sleuths are searching for evidence on tax evasion. Interestingly, Maddi Narasaih of Shanta Sriram constructions is also a director of the real estate companies now being searched along with Agarwals.

HYDERABAD: Income Tax department on Thursday conducted searches at 20 locations of Hyderabad based Ravi Foods Private Limited, which manufactures biscuits, wafers and confectioneries under the brand Dukes and Waffy.Searches were also conducted on several real estate companies linked to Ravi Foods, including DSA Builders and Constructions Pvt Ltd which was initially promoted by the family members of TDP Uppal Assembly constituency candidate Tulla Veerendar Goud.All the three sons of senior leader and former home minister T Devender Goud's sons were directors of these companies and recently quit the company. Ravi Foods promoters are also directors of DSA Builders and Promoters. Ravi Foods is a Rs 1500-crore revenue-earning company, including Rs 400 crore exports.Sources told TOI that searches were conducted on the residences of the key promoters of Ravi Foods identified as Ravinder Kumar Agarwal, Rajender Kumar Agarwal and Kedarnath Agarwal. Income Tax sleuths are searching for evidence on tax evasion. Interestingly, Maddi Narasaih of Shanta Sriram constructions is also a director of the real estate companies now being searched along with Agarwals. Maddi Narasaih is believed to be closely associated with a TRS top leader, sources said.Dukes and Shanta Homes Pvt Ltd, Green City Estates, Dukes Stellar Infracon Developers LLP and Dukes Shelter Pvt Ltd were also searched. Ravi Foods Ltd incorporated in 1988 and ran industry at Katedan in the city. The company has acquired around 100 acres land recently in Kothur for setting up a new plant. The company does contract manufacturing for other big biscuit brands and has USFDA approval.TD leader Veerender Goud declared an asset of Rs 58 crore in 2014 with an income of just Rs 720 per annum. He contested as Chevelle Loksabha MP candidate. Veerender is an MBA from Boston in the US.

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