Income Tax raids have been conducted on noted film distribution and film production company Asian Cinemas. Asian Cinemas is owned by Sunil Narang and Narayan Das Narang (President of Telugu Film Chamber) and family.
Raids are said to be conducted on the offices of Asian Cinemas and their properties. It is also reported that the residence of Sunil Narang and Narayan Das was also searched. And some close aides’ properties were also included in the search.
Sunil Narang, Narayan Das Narang of Asian Cinemas are business partners of Mahesh Babu in the AMB cinemas in Sarath City Capital Mall. Along with the AMB Cinemas, Asian Cinemas group has 8 multiplexes and 12 Cineplexes in Hyderabad, Nizamabad, Warangal, Bhadrachalam, Siddipet, Karimnagar and Manchieral along with 80 single screens across the Telugu states. The group is in plans to expand its business and coming up with more screens across the Telugu states. The group also ventured into film production besides strong foothold in the distribution market in Nizam.
It needs to be seen whether these are the regular raids/inspection conducted by IT department or whether these raids have any special significance. More details are awaited.
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