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“The Income Tax Department raided the premises of Mankind Pharma on May 11 over allegations of tax evasion,” official sources said.
“Company premises and plants in Delhi and nearby places are being covered and documents are being scrutinized besides questioning of company officials,” he added.
The action comes two days after the company made its stock market debut on Tuesday. In a BSE filing, Mankind Pharma said it is extending “full cooperation” to the department.
“We hereby inform you that the Income Tax Department is conducting searches at certain premises/plants belonging 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 Answering questions.”
The company said that this action has had no impact on its operating performance.
“This is the only information we are able to provide at this stage. Once the search is over by the Income Tax Department, the company will update the stock exchanges in case of any material information/events.”
“Mankind Pharma Ltd. is an ethical and law-abiding company and follows the best corporate governance practices. We are extending our full cooperation to the Income Tax Department authorities in this regard.”
Mankind Pharma also launched its IPO this year. ₹4,326-crore Mankind Pharma’s initial share sale Received 15.32 times subscription last month.
Incorporated in the year 1991, Mankind Pharma is engaged in the development, manufacturing and marketing of a number of consumer healthcare products along with various acute and chronic therapeutic areas.
Its product portfolio includes Manforce condoms, Prega News pregnancy test kit and Gas-o-fast sachets.