September 15th 2023.
The Income Tax Department has conducted surveys on Mumbai-headquartered pharmaceutical MNC Alkem Laboratories Ltd on Thursday morning for alleged tax evasion. The IT surveys began early Thursday morning and lasted until late into the night at Alkem Labs’ offices located in Mumbai, Rajasthan, and Hyderabad.
The pharma major manufactures and markets genetics, formulation, and nutraceuticals drugs in India and globally. They reported sales of ₹2967 crore in June 2023. Taxmen surveyed the Lower Parel corporate headquarters of Alkem Labs based on credible intelligence of alleged discrepancies in its books and tax evasion. This is apparently related to their offshore sales which form a major chunk of the business, according to a senior IT official.
The scrutiny comes after Alkem Labs executive director Sarvesh Singh purchased a Rs33 crore apartment in Bandra in June, paying ₹98,000 per sq/feet for the 3413 sq/ feet flat in Satguru Rendezvous.
Alkem Labs confirmed the IT surveys and stated that they will make an update to the stock exchanges in case of any material information or event when the survey by the I-T Department concludes. Furthermore, in a media statement, the company said that they are fully cooperating with the tax officials and are responding to the queries raised by them.
On the same day, the US Food and Drug Administration conducted an inspection at Alkem Laboratories’ Gujarat factory.
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