The Income Tax department on Wednesday raided the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the maker of Dolo-650 tablet, widely used by Covid-19 patients in the last two years, on alleged tax evasion.
The department is looking at the company’s financial records, balance sheets and dealer networks as part of the search, officials said.
PTI has sent queries to the company about the move and a response is awaited.
It also includes some other link locations of the company in other cities and locations of its promoters and distributors, he said.
The company said on its website that it is engaged in the manufacture and sale of pharmaceutical products and APIs (active pharmaceutical ingredients) and has 17 manufacturing units across the country apart from doing business abroad.
Its major pharma products are Dolo-650, Amlong, Lubrex, Diapride, Vildapride, Olmot, Avas, Tripride, Bactoclav, Tenepride-M and Arbitel.
Dolo-650, an analgesic (pain reliever) and antipyretic (fever-reducing) was being prescribed by doctors and medical shop owners to reduce pain and fever, common symptoms caused by Covid, to coronavirus patients.
In the company’s words, the Dolo-650 is “virtually a household name across the country”.
The company’s website displayed a news article published on its website in February: “Company sold 350 crore tablets (Dolo-650) in 2020 due to Covid-19 outbreak and generated revenue. ₹400 crores in one year.
The company’s CMD Dilip Surana was quoted in the story.