Bengaluru: The Income Tax department conducted raids on the office of widely popular drug Dolo-650 manufacturer Micro Labs Ltd on Race Course Road in Madhavanagar on Wednesday. A team of more than 20 I-T officials conducted searches at the premises of Micro Labs Ltd located on the charges of alleged tax evasion.
According to sources, the simultaneousI-T raids were conducted in 40 locations by 200 officers across the country. These raids were conducted at the offices of Micro Labs in New Delhi, Sikkim, Punjab, Tamil Nadu and Goa. The I-T sleuths also came calling at the residences of Micro LabsCMD Dileep Surana, Director Anand Surana to conduct searches.
The officers are said to be looking at financial documents, balance sheets and business distributor networks of the company as part of the searches.
It may be recalled here that the Dolo-650 tablet hit national headlines during the Covid-19 pandemic as almost every doctor in the country was prescribing it. Dolo-650, an analgesic (pain killer) and antipyretic (fever-reducing) was being prescribed by doctors and medical shop owners for coronavirus patients to reduce pain and fever, common symptoms caused by Covid.
Sources said that the company has earned revenues of Rs 400 crore in a year by selling 350 crore tablets since the Covid-19 outbreak in 2020. The sales of Dolo pill broke all records. Micro Labs has 17 manufacturing units across the country apart from conducting business overseas. Its major pharma products are Dolo-650, Amlong, Lubrex, Diapride, Vildapride, Olmat, Avas, Tripride, Bactoclav, Tenepride-M and Arbitel.