``We have unearthed a lot of documents but assessing them will take some time. Our next course of action will depend after the assessment is through,'' the I-T officials told The Financial Express. The raids were conducted after some ``tip-offs'' received by the department of investigations, following which extensive ``secret investigations'' were made on the company, the officials said.

The I-T department termed the result of the first two days of investigation as ``fruitful''. ``We have sealed some offices, or parts of premises, but no unaccounted cash or jewellery was unearthed from the residences of senior Sterlite group executives,'' they said.

I-T department officials said charges against the Agarwals and the company include - concealment of income, bogus capital and revenue expenses to inflate profit, and suppression of sales figures. ``Unfortunately, the chairman (Anil Agarwal) is out of the country. We are waiting for him to return so that we can question him,'' senior I-T official said.

The income tax authorities on Wednesday raided Sterlite offices all over the country. The raids were carried out simultaneously at 46 premises in 14 cities that included the corporate office in Mumbai, and regional offices in Delhi, Pune, Calcutta, Tuticorin and Bangalore, among others. Seven residential premises of senior Sterlite officials were also raided. Both chairman and managing director Anil Agarwal and chief financial officer Tarun Jain are in London and are expected back later this week. The Sterlite scrip which shot up to Rs 427.50 on the BSE on Tuesday following the news of the company's takeover of India Foils, dipped to Rs 396.50 a share against the previous day's close of Rs 400.70.

Sterlite, along with Indo Gulf Corporation, is India's largest copper manufacturer and is also the industry leader in telecom cables. The group has interests in primary aluminium and foils as well.