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Cipla gets Rs62 cr interest demand from NPPA

Cipla gets Rs62 cr interest demand from NPPA
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First Published: Mon, Mar 24 2008. 04 16 PM IST
Updated: Mon, Mar 24 2008. 04 16 PM IST
PTI
Mumbai: In the ongoing battle between pharma firm Cipla and the government on alleged overpricing of drugs, the homegrown drug-maker today said it has been asked to pay Rs62.85 crore by price regulator National Pharmaceutical Pricing Authority (NPPA).
“The company has received further demand notices from the government demanding an amount of Rs62.85 crore towards interest for the April 2007 to January 2008 period on alleged overcharged amount in respect of the drugs Ciprofloxacin, Norfloxacin, Salbutamol and Theophyline,” Cipla informed the stock exchanges.
Cipla said it has also received a fresh demand of Rs4.12 crore as alleged overcharged amounts inclusive of interests in respect of the drug Doxycycline and additional packs of the drug Norfloxacin.
Earlier, in April 2007 NPPA had slapped a Rs748.27 crore demand notice for alleged overpricing of the drugs, which the company had challenged in the courts.
“The demand is contrary to the orders of the Hon’ble Supreme court of India and the company has received legal advice that the entire amount demanded by the government are not tenable and sustainable,” it added.
Cipla scrips closed at Rs206.15, up 0.07% on the BSE.
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First Published: Mon, Mar 24 2008. 04 16 PM IST