Micro Labs, the maker of Dolo-650, was raided by the Income Tax department today. Sources said the pharma company is accused of evading tax in a number of transactions.
The IT department is said to have conducted raids in 40t location, including the residences of Micro Labs Chief Managing Director Dileep Surana, Director Anand Surana, the company’s headquarters in Bengaluru, and properties in New Delhi, Sikkim, Punjab, Tamil Nadu, and Goa, according to sources. About 200 IT department personnel were involved in organising the raids.
Nearly 20 officers attached to the IT department were said to have been present at the company’s headquarters during the raid and a number of documents are said to have been collected from the office.
The company shot into the limelight after it sold more than 350 crore tablets during the Covid-19 outbreak in 2020 and is said to have earned additional revenues of Rs 400 crore in a year.
Micro Labs did not respond to a BusinessLine questionnaire on the raid..
The healthcare company shot to fame after the success of Dolo-650. It is ranked 19th amongst the pharmaceutical companies in India, according to the AWACS 2021 retail audit.