In an interview with CNBC-TV18, Nitin Shah, chairman and managing director of IT services firm Allied Digital said the income tax officials had carried out "routine survey" at certain locations of the company on February 4. "They were completed satisfied with the kind of documentation that they saw and support that we have rendered to them." he said adding, "The department has verbally cleared the case."

Shah further added that the company had no operations in Solan.

Below is a verbatim transcript of the interview.

Q: Your stock is down 7% again today despite your clarifications. Can you talk a little bit more again about the allegations or the rumours of bogus expenditures that you may have booked or any kind of transactions, which was inappropriate with Avon Corporation in particular?

A: Let me tell you that the allegations and the rumors that went there was basically about Solan. We have no connection with that place in Himachal Pradesh. It came to us as a shocking surprise. We have no connection with Solan and at the same time there is no inappropriate billing that has been done, which was mentioned as far as Avan is concerned. I was more upset because of that more than raid — the false rumours, which had come out.

Q: Your take was that it was a routine conduct by the I-T officials. What exactly were they doing in that routine survey?

A: They come and go often to different companies. They had come to our place too in the morning. They can in the pretext of raid but eventually they wound by everything by the same day by late evening. They told us that it was a routine survey. They verified all the books of accounts. They wanted to see whether there was any suppression of income.

They were completed satisfied with the kind of documentation that they saw and support that we have rendered to them. They told us that it was just a routine survey and the verification they needed.

Q: Were any document seized from Allied Digital and have you got a written clear notice from the I-T department?

A: No, since everything was wound up on late Friday evening. They have not seized any of the official documents. However, they have taken some of the notebooks, hard disk drives and some papers, which were lying here and there. I do not think so that this was of any material.

Today, we will be going there but they have already told us verbally and thanked us for the kind of support that we have rendered and they themselves said not too worry and everything is smooth.