The now-dissolved firm has been accused of tax evasion. The firm was formed in 2011 and in 2015, Reliance Entertainment had bought a 50% stake in it.
Talking about the ongoing raids, Union Minister Prakash Javadekar said that "the agencies only go after those against whom they have credible information."
"The issue goes to court later," the Bharatiya Janata Party leader (BJP) said.
Mantena purchased his friends' shares to revive the company
As per HT, Mantena had earlier this year purchased Kashyap, Motwane, and Bahl's shares, hoping to revive their brainchild.
Confirming that raids took place, an I-T official told Indian Express, "There have been instances of tax evasion. The movies produced by the production house have been superhit, but the profits and account statements of the company are showing disproportionately low income."
Prashant Bhushan and Ashok Chavan slammed the raids
The raids caught the attention of noted lawyer Prashant Bhushan, a known critic of the central government.
" BJP'S A team at work to harass, intimidate & silence those who don't fall in line. India has never seen such malafide use of IT dept, ED, NIA, police etc, (sic)" he tweeted today.
The development was also slammed by Maharashtra Minister Ashok Chavan.
Government using ED, I-T against its critics: Malik
Another politician who linked the raids to Kashyap and Pannu's outspoken nature was Maharashtra Minister Nawab Malik.
"The way in which raids were conducted in the homes and offices of Anurag Kashyap and Tapasee Pannu, this is definitely the usage of Enforcement Directorate or the Income Tax against those who take a stand against the government or its policies, (sic)" he said.