A completely owned subsidiary of Dr. Reddy’s Laboratories in Mexico has been directed to pay Mexican peso 58 million (₹28.8 crore) penalty in a tax-litigation case.
The Superior Chamber of the Federal Court in Administrative Justice, Mexico, in its order on the continued tax litigation, has levied the penalty on Industrias Qumicas Falcon de Mexico, S.A. de C.V. (Dr. Reddy’s Mexico), the subsidiary, the drugmaker mentioned in a submitting on Thursday.
Dr. Reddy’s mentioned based mostly on its analysis there isn’t a materials influence on financials, operations or different actions of the corporate. Dr. Reddy’s Mexico is in strategy of submitting attraction in opposition to the order,” it mentioned. On February 28, the drugmaker had mentioned the Superior Chamber of the Federal Court in Administrative Justice, Mexico, had disallowed sure expenditure claimed by Dr. Reddy’s Mexico for 2006, 2007 and 2008.
