Alkem Laboratories on Monday denied media reports alleging that the company has been involved in tax evasion. “We categorically deny these allegations and rumours as published in these articles and state that information published is factually incorrect,” it said in a regulatory filing.
Earlier, media reports had stated that the income tax department found that the company has claimed bogus and excessive deductions for its manufacturing units in Sikkim. It had said the amount of the tax evasion was over Rs 1000 crore.
Alkem Laboratories further stated, “We would also like to specifically state that we are not aware of any information that could have had an impact on the trading of the company’s equity shares. The publication of these articles do not have any material impact on the company.”
“The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during their survey proceedings in September 2023. The company had subsequently received certain queries from the IT department, which have been addressed by the company. The company remains committed to follow principles of the best corporate governance and ethical business practices,” it added.
Earlier in September 2023, the Income Tax Department had initiated surveys on Alkem Laboratories’ offices and premises following intelligence indicating tax evasion by the pharma company.