Pharmaceutical company Micro Labs Limited is in the eye of storm after the Income Tax Department on Wednesday searched the premises of the Bengaluru-based pharma company on charges of tax evasion. The company rose to prominance after its manufactured drug Dolo-650 tablet has been widely used by Covid-19 patients since the pandemic broke more than two years ago.
Income Tax officials have said that the department collected financial documents, balance sheets and information related to distributors during searches. They added that the locations of the company and its distributors located in other cities are also being brought under the scanner.
The company said on its website that it manufactures pharmaceutical products and active pharmaceutical ingredients and has 17 manufacturing units in the country as well as overseas business. The company’s major pharma products include the drug Dolo-650, which is given to patients infected with Covid-19.
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Let us tell you that this company earned a lot during the pandemic times. Since the start of the pandemic in the year 2020, the company had sold 350 crore tablets of Dolo-650. In the case of sales, this company has left the rest of the pharma companies behind and made record sales. It is said that this company raised revenue of Rs 400 crore in a year.
In fact, during the pandemic, the need for other medical facilities, including life-saving drugs, sanitisers and masks had increased suddenly, and companies had to produce records of these medicines and products. During that time, many companies made huge profits from medicines and other medical products.
At the same time, India had exported many life saving medicines and vaccines during the Covid-19 pandemic due to which the poor countries got special relief. (MSN)
