No data on of siphoning of funds by pharmaceutical companies: Minister

There are no findings available with the ministry of corporate affairs of siphoning of funds by the pharmaceutical companies through licensing arrangement with their associate / subsidiary companies, said minister of corporate affairs Prem Chand Gupta.

Gupta said that cost audits of the companies were carried out under section 233B of the Companies Act, 1956, and the ministry of corporate affairs monitored the compliance.

The national pharmaceutical pricing authority has also been availing cost audit reports from this ministry for regulatory action by them as appropriate regardsing the pharmaceutical companies, he said.

Gupta was responding to a question raised in the Lok Sabha today.