I-T Department raids Mankind Pharma premises over tax evasion allegations; company says extending full cooperation
The Hindu
“The Income Tax Department on May 11 conducted raids on the premises of Mankind Pharma over allegations of tax evasion,” official sources said.
“The Income Tax Department on May 11 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.