IT Raids Micro Labs, Maker of Indian Must-Have Pill During COVID-19, Dolo-650, on Tax Evasion

The income tax department on Wednesday raided the premises of the Bengaluru-based pharmaceutical company Micro Labs Ltd, maker of the Dolo-650 tablet, accused of alleged tax evasion.

Officials said the department was reviewing the company’s financial records, balance sheets and commercial distributor networks as part of the research.

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Raids in 40 locations across India

Certain other related sites of the company in other cities and those of its promoters and distributors are also covered.

IANS reported that simultaneous raids were carried out in 40 locations by 200 officers across the country, including New Delhi, Sikkim, Punjab, Tamil Nadu and Goa. The residences of Micro Labs CMD Dileep Surana and Director Anand Surana were also raided on Wednesday.

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Micro Labs is not just Dolo

The company said on its website that it is engaged in the manufacturing and marketing of pharmaceuticals and APIs (active pharmaceutical ingredients) and has 17 manufacturing units across the country in addition to conducting research. activities abroad.

Its main pharmaceutical products are Dolo-650, Amlong, Lubrex, Diapride, Vildapride, Olmat, Avas, Tripride, Bactoclav, Tenepride-M and Arbitel.

Dolo-650, an analgesic (analgesic) and antipyretic (fever reducer) was prescribed by doctors and medical store owners for coronavirus patients to reduce pain and fever, common symptoms caused by COVID-19 .

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According to the company’s website, Micro Labs achieved an annual revenue of Rs.4083 crore (2020-2021) and has 14 oral formulation factories including one injectable unit; a bulk drug facility, overseas offices and a strong distribution network.

The rise in popularity of Dolo during COVID

Founded by GC Surana in 1973, Chennai, Micro Labs Ltd manufactures Dolo with 650 milligrams (mg) of paracetamol while most other brands sell their paracetamol brand with 500mg of salt – giving a general perception that Dolo-650 is more efficient.

In January this year, it was reported that the company had sold 350 crore of tablets (of Dolo-650) since the outbreak of COIVD-19 in 2020 and made revenue of Rs 400 crore in a year.

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