Cipla chairman and managing director YK Hamied told shareholders at the annual general meeting here on Saturday that "if all goes well" full-year sales should range between Rs 575 crore and Rs 600 crore, even though uncertainty about the government's stand on the issue of patents was a major area of concern. The company's exports are poised to exceed Rs 100 crore during the current fiscal.

"We believe that if India has to allow patents, it must be with adequate safeguards like maintaining a provision for automatic licence of right to anyone who wishes to manufacture and market the patented product on payment of a fixed royalty to the patent holder, so that the inventor is suitably rewarded," Hamied said.

He also suggested that thegovernment remove all drugs made within the country from the basic stages and manufactured by more than one company from the purview of price control. "Furthermore, we have also suggested that any drug formulation that has been in the market for over 10-15 years should automatically be outside price control, if it is not a monopoly product," he told shareholders.

In response to a specific query on the status of the company's Rs 90-crore rights issue controversy, he said that the company and the underwriters had reached an agreement to settle the issue, subject to the approval of the Supreme Court. The matter is expected to be settled in a month, he added.The underwriters, it is understood, have agreed to withdraw the pending suits against the company, while Cipla, on its part, will drop both its claims (for damages) against the non-paying underwriters and the pending cases, subject to Supreme Court approval.

Meanwhile, Cipla has also finalised a sourcing arrangement with a Swiss company, Sigfried, thoughdetails of the alliance could not be ascertained. Cipla is expected to supply certain new drugs to its overseas partner.