BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Taxman Summons Shantha Biotech Top Brass on Sanofi (France) (SAN.PA) Deal


7/6/2012 7:16:21 AM

Income tax authorities summoned the management of Hyderabad based Shanta Biotechnics in connection with an outstanding tax demand of Rs 1058 crores faced by French drug giant Sanofi Aventis, two people familiar with the development told ET NOW. ET NOW was the first to report the development. In one of the biggest deals in the Indian biotech sector, Sanofi Aventis had in 2009 acquired Merieux Alliance's majority stake in Shantha Biotechnics in a deal that valued the company at nearly Rs 3,783 crore rupees. Merieux Alliance owned 80% in Shantha through its subsidiary ShanH - this stake was acquired by Sanofi's vaccine division, Sanofi Pasteur. " Income tax authorities wrote a letter to the management of Shanta Biotech seeking his personal attendance. A list of documents related to the deal were sought including the latest audited financial statements of Shanta Biotechnics Ltd , details of royalty or management fees payable or paid by Shanta to Sanofi and details of shareholding pattern by Sanofi of the shares of Shanta", said one of the two people cited above. The IT department claim was challenged by Sanofi and the matter is currently pending at the AP High Court. The case is listed for hearing on July 13th.


   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES