Monday, February, 10,2025

I-T dept raids Mankind Pharma premises over tax evasion allegations, company says extending full cooperation

New Delhi: The Income Tax department on Thursday conducted raids on the premises of Mankind Pharma over allegations of tax evasion, official sources said.

Company premises and plants in Delhi and nearby locations are being covered and documents are being checked apart from the questioning of company executives as part of the searches launched early in the morning, they said.

The action came two days after the company made its stock market debut on Tuesday.

In a BSE filing, Mankind Pharma said it was extending "full cooperation" to the department.

"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," it said.

This action, the company said, 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 added.

Mankind Pharma had also launched its IPO this year. The Rs 4,326-crore initial share sale of Mankind Pharma received 15.32 times subscription 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.

Its product portfolio includes Manforce condoms, Prega News pregnancy test kits and Gas-O-Fast sachets.

  Share on

Related News

visit e-papers

Daily Astro

image

Aries

Today brings opportunities for growth, but you'll need to stay focused. Trust your instincts to navigate challenges.

image

Pisces

Your intuition will guide you. Trust your feelings and explore creative outlets for peace of mind.

image

Aquarius

Innovation is your theme today. Explore unconventional ideas to solve lingering problems.

image

Capricorn

Hard work pays off today. Your dedication and discipline will lead to well-deserved recognition.

image

Sagittarius

Adventure is calling! Embrace new opportunities, but keep a balanced approach to risks.

image

Scorpio

Your determination will be unmatched. Dive deep into tasks, but don't forget to take breaks to recharge.

image

Libra

Harmony in relationships is your priority. Compromise and understanding will strengthen your bonds.

image

Virgo

Focus on organization and details. A well-planned day will lead to productive results and personal satisfaction.

image

Leo

Leadership will come naturally. Take charge of situations but remain humble for the best outcomes.

image

Cancer

Emotional balance is key today. Spend quality time with loved ones to find comfort and clarity.

image

Gemini

Today is perfect for networking and sharing ideas. Your adaptability will help you tackle unexpected changes with ease.

image

Taurus

Patience will be your strength today. Financial matters might need attention, so think twice before making big decisions.