Saturday, June 3, 2023

I-T dept raids Mankind Pharma premises in Delhi over tax evasion allegation

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

Searches are being conducted on the company premises in Delhi and nearby locations, documents are being checked and people are being questioned as part of the action launched early morning, they said.

Email and queries sent by PTI to the company remained unanswered.

The company made its debut on the stock exchanges on Tuesday. It 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 detection kits and Gas-o-Fast sachets.

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