: I-T raids on Dolo-650 manufacturer offices #finance #StockMarketNEWS #Business Bengaluru: The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company

Posted in: #finance #StockMarketNEWS #Business

I-T raids on Dolo-650 manufacturer offices #finance #StockMarketNEWS #Business
Bengaluru: The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturers of Dolo-650 tablet that was widely used by COVID-19 patients during the last over two years, on charges of alleged tax evasion.

Officials said the department is looking at financial documents, balance sheets and business distributor networks of the company as part of the searches.

Reply to the queries on the action sent to the company is awaited.

A team of more than 20 officers attached to the I-T department conducted the raids on the office of the Bengaluru-based pharmaceutical company located on the Race Course Road.

Sources in the I-T department said that the simultaneous raids were conducted in 40 locations by 200 officers across the country, including New Delhi, Sikkim, Punjab, Tamil Nadu and Goa. The residences of Micro Labs CMD Dileep Surana, Director Anand Surana were also being raided, sources said.

The company said on its website that it was engaged in the making and marketing pharmaceutical products and Active Pharmaceutical Ingredients (APIs) and has 17 manufacturing units across the country apart from conducting business overseas.

Its major pharma products are Dolo-650, Amlong, Lubrex, Diapride, Vildapride, Olmat, Avas, Tripride, Bactoclav, Tenepride-M and Arbitel.

Dolo-650, an analgesic (pain killer) and antipyretic (fever-reducing) was being prescribed by doctors and medical shop owners for coronavirus patients to reduce pain and fever, common symptoms. In the words of the company, Dolo-650, is “virtually a household name across the country�?. The company website showcased a news article, published in February, on its website that said: “The company has sold 350 crore tablets (of Dolo-650) since the COVID-19 outbreak in 2020, and earned revenues of Rs 400 crore in a year.�?