Mankind Pharma has officially disclosed a search and inspection operation conducted by the Goods & Service Tax Department at its wholly-owned unlisted subsidiary, Bharat Serums and Vaccines Limited (BSV). The operation commenced on February 03, 2026, and concluded on February 08, 2026. The company confirms that BSV fully cooperated, and importantly, there was no material impact on BSV’s financials or business operations due to the proceedings.
Disclosure Regarding Tax Authority Operation
Mankind Pharma Limited has submitted a mandatory disclosure regarding official proceedings initiated against one of its key subsidiaries, Bharat Serums and Vaccines Limited (BSV). The disclosure pertains to a formal search and/or inspection operation conducted by the Goods & Service Tax Department based in Mumbai, Maharashtra.
Timeline and Scope of Investigation
The proceedings officially began on February 03, 2026, and were formally concluded on February 08, 2026. The authority involved was identified as the Assistant Commissioner of State Tax (Investigation – B, Mumbai), acting under Section 67 of the Maharashtra Goods and Services Tax Act, 2017. The areas of inquiry primarily related to the verification of tax payment, input tax credit claims, reconciliation processes, and refund applications.
Company Response and Operational Impact
Mankind Pharma stated that BSV provided complete cooperation to the officials throughout the five-day period, furnishing all requested clarifications and necessary documentation promptly. A crucial takeaway for stakeholders is that the company confirmed there has been no material impact on the financial, operational, or other quantifiable activities of BSV as a direct result of this Search/Inspection. Business operations at the subsidiary continued as usual during the period of the inquiry.
Source: BSE
