Dr Reddy's launches much-delayed acidity drug in US

The company launched its over-the-counter lansoprazole delayed-release capsules in the US market following ANDA approval by the USFDA

New Delhi: Pharmaceutical company Dr Reddy's Laboratories on Monday said it has launched its generic version of lansoprazole delayed-release capsules used for treating acidity and heartburns in the US market, reports PTI.

The company has launched over-the-counter lansoprazole delayed-release capsules in the US market on 18th May following its abbreviated new drug application (ANDA) approval by the US Food & Drug Administration (USFDA), Dr Reddy's Laboratories said in a statement.

Lansoprazole capsule of the company is available in the strength 15 mg in packs of 14, 28 and 42, Dr Reddy's said.

"The product is the bio equivalent version of Novartis Consumer Health's Prevacid 24 HR capsule, which received Rx-to-OTC switch approval with 3 year exclusivity from the FDA on 18 March 2009," it added.

The process of transferring FDA-approved prescription medications to nonprescription, over-the-counter (OTC) status is called as Rx-to-OTC switch.

Citing data of SymphonyIRI InfoScan Reviews, the company said the capsule had sales of approximately $115 million for the twelve months ending March 2012.

Shares of Dr Reddy's Laboratories were today trading at Rs 1,656.40 in the afternoon trade on BSE, down 0.25% from its previous close.

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White Paper for setting of Lokpal to deal with black money

The 97-page document pitched for fast-track courts to expeditiously deal with financial offences and deterrent punishment for offenders and also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails

New Delhi: The Indian government on Monday tabled the much-awaited White Paper on black money in Parliament which did not disclose any name but made a strong case for setting up Lokpal and Lokayuktas to deal with the menace, reports PTI.

The White Paper, which was tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, also did not provide government's estimate of black money, within and outside the country, though it quoted various estimates of other agencies on the issue.

The 97-page document, however, pitched for fast-track courts to expeditiously deal with financial offences and deterrent punishment for offenders. It has also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails.

On the possibility of any tax immunity scheme, especially gold deposit scheme, to deal with black money, it said, "The issue of complete tax immunity needs to be examined in the light of other policy objectives."

The document seeks to dispel the impression that government was not doing enough to deal with black money and talks about various policy options and strategies it has been pursuing to address the issue of corruption in public life.

Referring to the issue of institutions like Lokpal and Lokayuktas, the Paper said, "(they) need to be put in place at the earliest, in the Centre and the states respectively, to expedite investigations into cases of corruption and bring the guilty to justice."

The government has not been able to push through the Lokpal Bill in Rajya Sabha, despite pressure from the civil society. The Bill was approved by the Lok Sabha.

 

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Sports Ministry for probe into charges of black money in IPL

Sports Minister Maken said that 19 notices have been issued to IPL and BCCI for FEMA violations to the tune of Rs1,077 crore and Sports Ministry Joint Secretary has also written a letter to the ED on 17th May seeking expeditious probe into the matter

New Delhi: Amid charges of black money playing a part in the Indian Premier League (IPL), Sports Ministry has asked the Finance Ministry to order an expeditious probe into it, reports PTI.

Sports Minister Ajay Maken told the Lok Sabha on Monday that the Sports Secretary has written a letter last week in this regard to the Revenue Secretary and has sought the inquiry to be conducted in an expeditious manner by the Enforcement Directorate (ED) and the Income Tax Department.

Maken also said that 19 notices have been issued to IPL and Board Of Control For Cricket In India (BCCI) for Foreign Exchange Management Act (FEMA) violations to the tune of Rs1,077 crore and Sports Ministry Joint Secretary has also written a letter to the ED on 17th May seeking expeditious probe into the matter.

The Sports Minister was responding to an issue raised by former cricketer Kirti Azad of BJP, who made a strong pitch for a special audit by independent people into the conduct of the BCCI and other concerned sports organisations which were registered.

Maken also made a strong pitch for bringing the BCCI under Right to Information, saying the Central Information Commission was hearing the issue.

Finance Minister Pranab Mukherjee, who is Leader of the Lok Sabha, was present when the issue was raised and Azad, a former cricketer who sat on hunger strike yesterday, got support from the BJP benches as also JD(U) leader Sharad Yadav and some Left members.

Azad, who has been vocal in the matter and has been raising the issue of black money in IPL, did not appear to be satisfied by the Sports Minister's announcement as he said that until and unless a special audit is conducted, it would not yield any result.

Seeking to dismiss charges by Azad that the government treats the BCCI with kid-gloves due to backing of influential people, Maken said the government has acted expeditiously against the BCCI in the past and has ensured that it no longer enjoyed tax exemptions as a charitable body.

He said IT Department had ensured the BCCI to pay income tax dues of Rs365.24 crore from 1996-97 to 2006-07. The income tax realised in 2007-08 was Rs118 crore, while the tax liability of 2008-09 was Rs257.12 crore, of which Rs131 crore have been realised. For rest of the amount, the BCCI has gone to the tax tribunal.

The IPL tournament has come under cloud with five Indian cricket players being suspended last week pending an inquiry, as the BCCI cracked the whip in the wake of a TV sting operation which claimed to expose corruption in IPL.

Maken, who has been at the loggerheads with the BCCI over its refusal to come under the RTI, has been insisting that the cricket board could not be trusted to carry out a probe on its own into the spot-fixing allegations made in the TV sting.

The Sports Minister said BCCI qualifies for being brought under RTI in view of the fact that its single-most important function was to select the Indian team.

He said the BCCI and other cricket associations have got a large amount of land almost free from state governments and other institutions.

Azad alleged that the way the IPL was creating controversy after controversy, India's image was being lowered. He said the latest was that some IPL players have been caught in a rave party.

He said it was necessary to find out the source of money laundering through tax havens in the IPL and this could be done through special audits by independent people. He also took exception to BCCI's refusal to come under the RTI.

Describing the Finance Minister as a father figure for him as he had worked with his late father Bhagwat Jha Azad, the former cricketer wanted the government to act tough against wrong-doings of the IPL and the BCCI.

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