Clarifies on News item

| Updated on October 10, 2012 Published on October 10, 2012

"With reference to the articles appearing in a leading financial daily regarding notices by Drug Price Regulator, National Pharmaceutical Pricing Authority (NPPA) to several drug makers Including us, for overcharging consumers while selling some essential medicines, Ipca Laboratories Ltd has clarified to BSE that the Company has received a show cause notice from NPPA alleging overcharging consumers while selling our formulation - Normax-TZ which was covered under Drugs (Prices Control) Order (DPCO). The amount claimed by NPPA towards alleged overcharging is Rs. 27.66 lacs plus an additional amount of Rs. 27.59 lace as interest on the alleged overcharging, totalling to Rs. 55.25 lacs.

The alleged overcharging claim is in respect of the formulation batches of the said formulation manufactured by the Company prior to the price notification date. The Company had, in fact, discontinued the manufacturing of the said formulation in August 2005, before the notified price came into picture on September 16, 2005. The Company is contesting the said claim of NPPA.

It is further clarified that the Company has always sold at the notified prices the formulations manufactured by it and has never overcharged the consumers while selling the products covered under DPCO."

Source : BSE - >www.bseindia.com

Published on October 10, 2012
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