Income Tax dept raids Mankind Pharma's offices premises over tax evasion allegations

I-T raids Mankind Pharma: The Income Tax (I-T) department conducted searches at Mankind Pharma's New Delhi offices on Thursday over allegations of tax evasion, official sources said. The action is likely to continue for 1-2 days, official sources told Zee Business quoting the department. In a BSE filing, Mankind Pharma said it was fully cooperating with the investigating. 

The company said in an exchange filing: "We hereby inform you that the Income Tax Department is conducting a search at some of the premises/plants related to the company and some of its subsidiaries. The officials of the company and its subsidiaries are cooperating with the officials of the Income Tax Department and are responding to the queries raised by them."

The maker of Manforce condoms, Prega News pregnancy test kits and Gas-O-Fast sachets added that the investigation has had no impact on its operational performance. "This is the only information that we are able to provide at this stage. Once the search by the Income Tax Department concludes, the Company will update the Stock Exchanges in case of any material information/event," it said.

"Mankind Pharma Limited is an ethical and law abiding Company and follows the best corporate governance practices. We are extending our full cooperation to the officials of the Income Tax Department in this regard," it further added.

The company recently launched its IPO, in which the Rs 4,326-crore initial share sale was subscribed 15.32 times last month.

Incorporated in 1991, Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.

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