Drug overcharging case: Supreme Court directs Cipla to pay Rs 175.07 crore

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India's Supreme Court had directed drug maker Cipla to deposit a sum of Rs 175.07 crore within six weeks in a case related to alleged 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 retransferred 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.

Source: http://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/drug-overcharging-case-supreme-court-directs-cipla-to-pay-rs-175-07-crore/articleshow/53345143.cms

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