IT searches against Hyderabad based Hetero labs; city's second richest pharmaceutical group

B. Parthasaradhi Reddy and the family of Hetero Labs with a wealth of Rs. 26,100 crore, are among the top billionaire in the country. His wealth has grown by 88% in a year.

By Coreena Suares  Published on  6 Oct 2021 5:45 AM GMT
IT searches against Hyderabad based Hetero labs; citys second richest pharmaceutical group

Hyderabad: Income tax searches under way against Hyderabad based Hetero labs on 7th October 2019. The searches comes days after the Hetero Lab's promoters were ranked second richest from Hyderabad.

The group operates pharmaceutical companies and are manufacturers of Oncology, Cardiovascular, Neurology, Hepatitis and more. The Income Tax department's anti tax evasion wing with the help of CRPF are carrying out searches at 20 properties owned by Hetero group including its head office located in Sanath Nagar of Hyderabad. Concurrently IT teams are also searches the group's office in Rajahmundry, Vijayawada and Vizag in Andhra Pradesh.

Hetero labs limited is represented by directors Parthasaradhi Reddy Bandi, Mohana Reddy Chilukuri, Bandi Vamsikrishna, Srinivas Reddy Male, Attunuri Venkatanarasa Reddy ,Kalavanthi Bandi, Rajasekhara Reddy, Gopal Reddy Annareddy and Rathnakar Reddy Kura. The company in total has 9 directors and one key person.

The longest serving director currently on board is Parthasaradhi Reddy Bandi who was appointed on 05 December, 1996. However Kalavathi Bandi has the largest number of other directorships with a seat at a total of 35 companies. In total, the company is connected to 97 other companies through its directors

The searches comes days after the IIFL Wealth Hurun India Rich List 2021 ranked the group second richest from Hyderabad. According to the report B. Parthasaradhi Reddy and the family of Hetero Labs with a wealth of Rs. 26,100 crore, are among the top billionaire in the country. His wealth has grown by 88% in a year.

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