Drugmaker Ipca Laboratories said that the Income Tax Department has conducted survey proceedings at its Mumbai offices and manufacturing plants in Sikkim, between May 30, 2023, and June 3, 2023.
“The company has extended its full cooperation and support to the officials of the Income Tax Department during their survey proceedings and has provided timely and correct information/data asked for and shall continue to provide any further details/information that might be required by the department in future,” it said in a disclosure to the BSE.
In fact, the company had cancelled its call with analysts (scheduled for May 30) on its financial performance for the last quarter and the entire year, due to “unavoidable circumstances”, it had then informed the stock exchanges.
Ipca was recently in the news following its decision to acquire a 33 percent stake in Unichem for ₹1,034 crore, a buy that drew sharp observations from some sections of the analysts community. The company has also been dealing with multiple manufacturing-linked issues involving the United States regulatory authority.
Ipca becomes the latest in a string of drug companies under the I-T Department’s lens. Last month, Mankind Pharma was searched by the Department at some of its plants and premises, just days after a stellar listing.
Earlier this year, Cipla too had been investigated by the Department. And in July last year, the IT Department conducted search operations at multiple premises of Micro Labs. Ipca shares stood at ₹713.50 on BSE at 10 am on Monday.