Income Tax Department conducts research at Hetero Group
Hyderabad / New Delhi, Oct 6 (PTI): Income tax officials on Wednesday carried out simultaneous searches of offices and other facilities owned by Hetero, a well-known pharmaceutical group, official sources said.
The searches are being carried out at the company’s headquarters, some of the manufacturing facilities and offices here and in Visakhapatnam in Andhra Pradesh, they said.
“The department has recovered documents and seized computer hard drives which will be analyzed for possible tax evasion,” the sources told PTI. Company officials could not be reached for comment.
Hetero rose to prominence after the group signed several agreements and began developing various drugs such as Remdesivir and Favipiravir to treat COVID-19.
Hetero is one of the world’s leading suppliers of APIs (including cytotoxics) to pharmaceutical companies that manufacture next generation formulations and products in India and overseas. Hetero, based in the city, has more than 25 manufacturing plants located in India, China, Russia, Egypt, Mexico and Iran.
Hetero said last month that he received emergency use authorization from the Drug Controller General of India (DCGI) for his biosimilar version of Tocilizumab for the treatment of COVID-19 in hospitalized adults.
Pharmaceutical major Rs 7,500 crore is one of the companies that have partnered with the Russian Direct Investment Fund to make the COVID-19 Sputnik V vaccine in India. PTI GDK NES
Disclaimer: – This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI