Anand Jain cooperating with taxmen

Jai Corp Ltd, promoted by Reliance Industries Ltd chairman Mukesh Ambani's confidant Anand Jain, on Friday said that it has complied with requirements laid down by the Income Tax department and that nothing was found from the chairman's residence during searches on Thursday.

Anand Jain could not be contacted for comments, but a Jai Corp spokesperson told PTI over phone that "nothing has been found from the residence of the chairman (Jain)."

Sources close to the industrialist said that Ambani was in constant touch with Jain during the searches on Thursday.

"Officials of the IT department visited the company's office premises and residence of the company's chairman and others on March 5, 2009 and conducted a search operation," Jai Corp said in a statement filed with the BSE.

The company said it has complied with all reporting requirements. In September last, the I-T department had conducted a survey in the Mumbai office of a real estate fund, managed by Jain, who is also the Chairman of Navi Mumbai SEZ Pvt Ltd.