Mumbai: The income tax department conducted search operations on 10 premises belonging to Noida-based Uflex Ltd, promoted by Ashok Chaturvedi, who is believed to be close to Samajwadi Party, for "suspected" tax evasion.

I-T officials raided Uflex facilities in Uttar Pradesh and Delhi, besides offices and residences of executives of telecom equipment maker Himachal Futuristic Communications Ltd (HFCL) in Himachal Pradesh and Haryana.

The I-T department also surveyed operations on five premises of Uflex and simultaneously raided Chaturvedi''s residential premises.

I-T officials said cash, jewellery and "voluminous incriminating documents" were seized during the raid and it would take time to ascertain the extent of tax evasion.

Samajwadi Party leader Amar Singh termed the raids as "coercive" measures by the Congress-led government at the centre.

"If they want to raid me or Mulayam Singh, they are more than welcome to do that. We are not afraid, or apprehensive of Congress'' coercive measures", he told reporters outside Parliament.

Chaturvedi''s name had also cropped in the controversial allotment of land in Noida during the Samajwadi Party''s tenure, but the allocations were cancelled subsequently.

Uflex, promoted by Chaturvedi in 1983 as Flex Industries, makes packaging products, polyester film, inks and adhesives.

Shares of Uflex, which is listed on the Bombay Stock Exchange, plunged to Rs151.80 from the intra-day high of Rs158, while HFCL''s stock closed lower at Rs24.20 from the day''s high of Rs26.