Ind-Swift Director N R Munjal arrested for alleged Tax Evasion of Rs 5 crore

New Delhi: In a major setback to a pharma firm, the director of Ind-Swift pharma was recently arrested by the police on charges of Tax Evasion, Forgery and cheating

Through a recent BSE filing Ind-Swift a pharmaceutical manufacturing and marketing company confirmed that Mr N R Munjal, Director of the Company has been detained by the Investigating Authorities for seeking more details about the matter.

The disclosure was under regulation 30 of Listing Obligations and Disclosure Requirements Regulations, 2015.

Signed by the company secretary Amrender Kumar Yadav the disclosure read "Pursuant to Regulation 30 of SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to our earlier disclosure dated 3rd December 2018, this is to inform that Mr N R Munjal, Director of the Company has been detained by the Investigating Authorities for seeking more details about the matter."

Indian Express reports that the director of Ind-Swift Laboratories Ltd, N R Munjal, was arrested by Chandigarh Police on December 3 in connection with a forgery and cheating case, along with the non-payment of tax dues. He was sent to judicial custody in an alleged tax evasion case tuning to Rs 5.09 crore.

The accused was produced in the court after a couple of days remand by the police. The prosecution did not seek any further remand and thus he was sent to judicial custody.

Munjal's counsel moved an application to the court for bail, acting on which the court has instructed the police to act accordingly since Munjal suffers from a hernia and diabetes.

Ind-Swift Ltd. is an existing profit making, dividend paying company engaged in the formulation of injectables and ophthalmic products at Panchkula, Haryana. It was incorporated as a limited company on 06.06.1986 and was granted the certificate of commencement of business on 15.12.1986. In July'89 the Company got its project for manufacture of injectables and trading of pharmaceutical products appraised from Haryana Financial Corporation (HFC) which was implemented in December'90 for a total cost of 49.77 lakhs.

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