Business Daily from THE HINDU group of publications
Friday, Nov 02, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 02, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Regulatory Bodies & Rulings
Our Bureau Mumbai, Nov. 1 Mumbai-based drug company Cipla Ltd has said that it has received another notice from the Government demanding Rs 49.47 crore, inclusive of interest, for alleged overcharging by the company during the period April 2006 to March 2007 in respect of the drug Salbutamol. According to Cipla, the notices are contrary to the orders of the Supreme Court and the company has received legal advice that entire amounts demanded by the Government are not tenable and sustainable. In the past, Cipla had received notices from the National Pharmaceutical Pricing Authority demanding an estimated Rs 941.92 crore with interest, also for alleged overcharging by the company till March 2006 in respect of five drugs. The drug under the scanner for alleged over-charging are respiratory drugs Salbutamol and Theophylline; antibiotics Ciprofloxacin and Norfloxacin and cephalosporin-antibiotic Cefadroxil. The over-charging allegations have dogged Cipla for over five years. The company had legally contested the Centre’s previous orders on over-charging, saying that the medicines in question were not under price-control. It is a grey area and the medicines did not meet the criteria under which drugs are brought under price control, the company had earlier explained to Business Line. Cipla shares were down 1.51 per cent on the BSE at Rs 176.05. More Stories on : Regulatory Bodies & Rulings | Pharmaceuticals | Cipla Ltd
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