Cipla Updates on claims from NPPA

With reference to the earlier announcement dated September 05, 2003, December 01, 2003, April 13, 2007 regarding notices received by the Company from the National Pharmaceutical Pricing Authority, Government of India demanding an aggregate of Rs 748.27 crores alongwith interest which according to them was allegedly overcharged by the Company till July 2003 in respect of five drugs, Cipla Ltd has announced that, the Company has now received further demand notices where the Government has demanded an amount of Rs 193.65 crores inclusive of interest which according to them was allegedly overcharged by the Company during the period August 2003 to March 2006 in respect of the same five drugs. These notices are contrary to the orders of the Hon'ble Supreme Court of India and the Company has received legal advice that entire amounts demanded by the Government are not tenable and sustainable.

Source : Equity Bulls

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