Dolo-650 maker faces IT raids in tax evasion case


On Wednesday, the Income Tax Department raided the office of popular drug Dolo-650 maker, Micro Labs Limited, located in Bengaluru. The Dolo-650 tablet has become a popular drug after its widespread use by Covid-19 patients over the past two years. The pharmaceutical company is facing allegations of tax evasion.

Income tax department officials said they are now reviewing pharmaceutical companies’ financial records, balance sheets and distribution networks as part of their research.

A team of more than 20 IT associate officers led the raids on the drugmaker’s Race Course Road office. According to PTI, IT department sources said simultaneous raids were carried out in 40 locations by 200 agents across the country, including New Delhi, Sikkim, Punjab, Tamil Nadu and Goa. Sources said the residences of Micro Labs CMD Dileep Surana and Director Anand Surana were also raided.

The company had struck gold during successive waves of the Covid-19 pandemic. It has sold 3.5 billion tablets since the Covid-19 outbreak in 2020 and made revenue of Rs 400 crore in a year, with Dolo-650 sales breaking all records.

On its website, the company mentioned that it is engaged in the manufacturing and marketing of pharmaceutical products and has 17 manufacturing units across the country in addition to its overseas operations.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Source link


Comments are closed.