Amrutanjan Health Care Limited has initiated a forensic investigation by Deloitte Touche Tohmatsu India LLP (forensic auditors) on certain allegations made by an anonymous whistleblower on lapses by certain employees.
The company received an anonymous whistleblower complaint alleging lapses by certain senior management employees, including undue enrichment through marketing, advertising and procurement activities, ethical concerns, and conflict of interest, Amrutanjan told in a communication to the Bombay Stock Exchange (BSE).
The company shall extend its fullest cooperation and information to the forensic auditors during the process of the investigation as per applicable provisions of law. The company shall also file the final report of forensic audit with comments of the management, if any, as per regulations, says a notification to the exchange.
The 118-year-old Amrutanjan brand’s current offerings are in three sub brands: Kick Out Pain for pain management, Relief for congestion management and Purity for hygiene products.
Net profit in the December 2022 quarter declined by nearly half 10.71 crore as against 20.58 crore in the same quarter last year. Revenue was marginally down to 108.36 crore (123 crore).
The impact of raw material and packing material price increase was 6.21 crore. The key raw material prices (excluding menthol crystal price) are higher when compared to the year ended December 2021.
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