Alkem Labs Faces Intense Scrutiny by Income Tax Department, Stock Plummets 12%

Alkem Labs is facing serious allegations of large-scale tax evasion, ET Now cites Sources.

Various reports suggest allegations of income tax fraud totaling 1000 Crore.

The company is accused of engaging in substantial payments to doctors with the intent to influence the prescription of its pharmaceutical products. Furthermore, it has come to light that Alkem Labs allegedly claimed fictitious deductions exceeding Rs 1,000 crore. This revelation raises concerns about the integrity of the company’s financial practices and compliance with tax regulations.

In response to these findings, the Income Tax Department is considering imposing heavy penalties on Alkem Labs. The situation gained attention in September 2023 when the department conducted raids on the pharmaceutical company. These events underscore the importance of stringent oversight and regulatory measures in the pharmaceutical industry to ensure transparency and prevent fraudulent financial activities. Investigations and potential legal actions may be crucial to address any wrongdoing and maintain the integrity of the industry.

However, Alkem Labs refuting the allegations and rumors circulated in articles concerning the company’s involvement in a substantial tax evasion of INR 1000 crore. Emphatically denying these claims, Alkem asserts that it has no knowledge of any income tax raid targeting the company.

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