Mumbai|HL
Supreme Court of India directed Cipla to deposit 175.07 crore in six weeks for overcharging in certain drugs as per the provisions of Drug (Price Control) Order, 1995.
In a note to stock exchanges late on Friday, Cipla said the writ petitions filed in the Bombay High Court that were pending before Supreme Court have been re-transferred to the Bombay High Court for final hearing.
The initial order for the deposits was issued by Supreme Court in 2003, which had directed the government to recover 50% of the overcharged amount by the company.
“The Bombay High Court will now hear these matters on merits,” the drug maker said. Cipla and India’s drug pricing watchdog have been in a drawn-out legal tussle. The authority has charged Cipla of charging higher prices for a set of drugs than the ceiling price based on a fixed formula.
