Mankind Pharma has stated in a stock market filing that the IT raids will have no impact on operational performance.
While the income tax department conducts searches at a number of Mankind Pharma premises/factories over allegations of tax evasion, the pharmaceutical company informed the exchanges that they are cooperating with the officials: “The officials of the company and its subsidiaries are cooperating with the officials of the Income Tax Department and answer any questions they may have. This has not impacted our operational performance,” Mankind Pharma said in a regulatory filing.
The IT department conducted searches of its Delhi office and nearby on Thursday morning (May 11) for alleged reports of tax evasion.
Mankind Pharma is the fourth largest pharmaceutical company in the country. The shares are quoted at a premium of 20 percent plus above the issue price. The company is engaged in developing, manufacturing and marketing a broad range of pharmaceutical formulations in various acute and chronic therapeutic areas, as well as various consumer health products. The drugmaker works in a number of acute and chronic therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients, and respiratory areas.
