Tax evasion allegations lead I-T dept to search Mankind Pharma’s Delhi premises
On Thursday, the Income Tax Department searched Mankind Pharma Limited, a pharmaceutical and healthcare products company, reportedly over allegations of tax evasion.
The IT sleuths are carrying out the searches at the company’s Delhi office and nearby locations. The department is also checking documents and people are being questioned into the matter, said reports.
A senior I-T department official said, “Yes, teams of the IR department are carrying out searches at offices of Mankind Pharma in Delhi on allegations of tax evasion.”
However, the source remained tight-lipped to share more details.
On May 9, the company made its debut on the stock exchanges and also launched its IPO this year. On the debut day, the shares got listed at Rs.1,300 apiece on NSE and BSE, up 20.37 percent above the issue price of Rs.1,080.
Mankind Pharma is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas. It is also into several consumer healthcare products.
[With Inputs from IANS]
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Any IPO by an Indian company, means jacked or manipulated price. Those into stocks, buy it only after 1-2 years, when the true level is indicated
This pharma company makes many unwanted drugs.