Ministry of Corporate Affairs approves incorporation of Quick Med: Morepen Labs

Written by Ruchika Sharma Published On 2025-03-21T17:06:57+05:30 | Updated On 21 March 2025 5:08 PM IST

Ministry of Corporate Affairs approves incorporation of Quick Med: Morepen Labs

Haryana: Morepen Labs has announced that the Ministry of Corporate Affairs has approved the incorporation of 'QUICK MED PRIVATE LIMITED'.

Quick Med Private Limited is a subsidiary of Dr Morepen Limited and a step-down subsidiary of the Company.

The 80% shares in Quick Med are held by Dr Morepen Limited and 12% shares by an entity in which members of promoter group of the company have substantial interest. Consequent upon incorporation, the Quick Med will became the related party of the Company. The shares are being subscribed, issued and allotted at arm’s length basis.

Quick Med will operate in the pharmaceutical sector, specializing in the 'Online Retail Pharmacy' business.

"The objective of incorporation of Quick Med is part of the growth plans of Dr Morepen Limited to cater the growing demands of online pharmacy business," Morpen stated in a BSE filing.

Talking about the cost of acquisition, the company has said Dr Morepen Limited had subscribed to and will hold 8,000 Equity Shares of Rs 10/- each, aggregating to Rs 80,000/- in the share capital of Quick Med.

The company indirectly will hold 80% of the shares in Quick Med through Dr Morepen Limited.

Morepen Labs is a pharmaceutical company headquartered in New Delhi. The company was founded in 1984. With a strong global presence, Morepen exports to over 75 countries with certifications from all major regulatory authorities like USFDA, WHO GMP, EU GMP.

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Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751