IT Dept searches offices, manufacturing facilities of Akums Drugs, its subsidiaries
IT Dept searches Akums Drugs, it subsidiaries offices
New Delhi: The Income Tax Department has searched the offices and manufacturing units of a contract development and manufacturing organisation (CDMO) Akums Drugs and Pharmaceuticals Limited and its subsidiaries, the company informed in a recent BSE filing.
The search was conducted under the Income Tax Act, 1961.
"We have fully cooperated with the officials of IT Department during the search and responded to the clarifications and details sought by them. We will continue to provide any further clarification/information that may be required," the Company stated..
Further, Akum stated, "Akums is a law-abiding Company and follows the best corporate governance practices," it added.
"We have extended our full cooperation to the officials of the IT Department in this regard. The business operations of the Company continue as usual except some minor hiccups. We will comply with legal obligation in relation to disclosure(s) from time to time," it added.
Established in 2004, Akums is a Contract Development and Manufacturing Organization (CDMO). In FY23, Akums captured a 9.3% market share by value in the Indian domestic CDMO market, with an 8.8% share by volume in the Indian Pharmaceutical Market (IPM). By FY24, its market share by value increased to 10.0%, with a significant 30.2% share by value within the domestic CDMO market. Akums operates 15 state-of-the-art facilities producing a wide range of modern dosage forms across multiple therapeutic segments.
The company offers a comprehensive suite of advanced services, including formulation development, bioequivalence studies, clinical trials, and securing Drug Controller General of India (DCGI) approvals for manufacturing and marketing new Fixed Dose Combinations (FDCs) and molecules.
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