The Income Tax Department in Hyderabad conducted raids on anti-cancer drugmaker, Gland Chemicals. The Income Tax Investigation Unit raided the offices of the pharmaceutical company, Gland Chemicals Pvt Ltd, located in the posh Jubilee Hills, as well as the residences of the directors for alleged tax evasion. Tax officials also conducted searches at the manufacturing facilities producing anti-cancer drugs, anti-coagulants, anti-platelet drugs, neuromuscular pain blockers, and sedatives at Gland Chemicals. The raids extended to the offices and residences of Managing Director BN Malleswara Rao and five other directors.
What is Gland Chemicals?
Founded in 1974 by the pioneer in Heparin Technology for anticoagulants, blood thinner medication by PV Raju, Gland Chemicals manufactures active pharmaceutical ingredients (API) in Bangalore. The company expanded its operations by acquiring the Pfizer API facility in Aurangabad in February 2021 and another Pfizer formulation facility in Chennai in April 2021.
