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Code of Ethical Conduct


The objective of the Code is to promote and uphold the high standards of ethics observed by Neuland Laboratories Limited, hereinafter referred to as the Company, in conducting its business. The Code lays down a broad policy for one’s conduct in dealing with the Company, fellow directors and employees and the external environment in which the Company operates. The Company believes in conducting its business with responsibility, transparency, empowerment, honesty, and environmental consciousness.

All concerned are expected to uphold the standards prescribed therein in letter and spirit and to act within the bounds of the authority conferred upon them with duty to make and enact informed decisions and policies which result in enhancement of the value of the Company to its shareholders and simultaneously enable the Company to fulfill its obligations to other stake holders such as customers, employees and financers and to the society in general.


This Code is applicable to all employees across all locations of Neuland Laboratories Limited including its subsidiaries.


Conduct at Workplace

In dealing with each other, directors, senior management, and employees shall uphold the core of our HR Philosophy – respect for people, mutual trust, teamwork, collaboration, meritocracy, objectivity, and human dignity. Indeed, these values form the basis of our HR management systems and processes.The Company will focus on meritocracy, equity and upholding of Company values in all people processes including recruitment, performance management systems, career development, remuneration and rewards.

All employees are expected and required to maintain highest standards of conduct during their employment. Violation of these standards might result in disciplinary action as per the service rules of the organization.

The company shall not tolerate behaviour such as reporting to work in an inebriated condition, abuse of legal drugs and use of illegal drugs at the workplace or while representing the Company outside the workplace.

Gender Friendly Workplace

As a good corporate citizen, the Company is committed to a gender friendly workplace. It seeks to enhance equal opportunities for men and women, prevent/ stop/ redress sexual harassment at the workplace and institute good employment practices. The do’s and don’ts are clearly defined in the Prevention of Sexual Harassment at workplace (POSH) policy and published in the intranet of the organization. The Company encourages employees to report any harassment concerns and is responsive to employee complaints about harassment or other unwelcome and offensive conduct.

Practicing equal opportunity and prohibiting discrimination & harassment

The Company strives to hire and promote people on the basis of their qualifications, performance, and abilities, without regard to race, color, sex, age, veteran status, marital status, religion, sex change status, sexual orientation, caste, national origin, or medical condition and/or disability unrelated to the ability to perform a job, or on account of membership or non-membership in any protected category under federal, state, or local laws.

Fair competition

Neuland follows a strong set of ethical values, termed ‘The Neuland Way’ this includes the way we conduct our business in the market in a transparent, fair and honest manner. We do not enter into any anti-competitive agreements that reflect engaging in anti-competitive behaviour, collusion, forming cartels, price fixation or such, among customers, suppliers and markets.

Any behaviour pertaining to the violation of anti-trust or competition laws at conferences, meetings, trade shows etc. will not be tolerated. Compliance with applicable competition laws of countries in which we operate to be complied with.


The Company and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, donations, or comparable benefits which are intended to or perceived to obtain business or uncompetitive favors for the conduct of its business. However, the Company and its employees may accept nominal gifts (in kind) as per the guidelines of the organization published on the intranet.

Health and Safety

The Company attaches great importance to a healthy and safe work environment. The Company is committed to provide good physical working conditions and encourages high standards of hygiene and housekeeping. Particular attention should be paid to training of employees to increase safety awareness and adoption of safe working methods, particularly designed to prevent serious or fatal accidents. Employees shall maintain highest levels of hygiene standards at the workplace.

Illegal and abusive practices such as bribery, corruption, anti-money laundering

 The Members of the Board of Directors and Senior Managerial Personnel propagate the ethical standard of uncompromising attitude to all forms and demonstration of corruption at all levels. Neuland does not pay and does not condone paying bribes to anyone nor does accept and condone the acceptance or receipt of bribes from anyone.

The Company upholds all laws relevant to countering bribery and corruption as applicable for the conduct of its business across all the jurisdictions in which it operates including India (Prevention of Corruption (Amendment) Act 2018), the United Kingdom (UK Bribery Act, 2010), and the United States of America (Foreign Corrupt Practices Act, 1977). Different statutes adopt different yardsticks to determine whether a particular act or omission is an offence thereunder.

“corrupt practices” include  giving or receiving bribes, intermediation in giving or receiving bribes, malpractice, misuse of official authority, commercial bribery, facilitation payments, illegal use of the official position by a person to receive benefits in the form of money, property or other assets, services, and any rights to himself or to other persons or illegal provision of benefits or rights by other persons.

All employees of our Company are strictly prohibited, whether directly or indirectly, personally or through the mediation of third parties, to be involved in corrupt activities, offer, give, promise, request and receive payments or make payments to simplify administrative, bureaucratic and other formalities in any form including cash, valuables, services or other benefits to any person or from any persons or organizations, including governments and local authorities, government officials, private companies and its representatives.

An illustrative list of acts /practices which are restricted / prohibited is given below:

  1. Dishonest misappropriation of property/money.
  2. Criminal breach of trust.
  3. Cheating.
  4. Receiving or giving bribe.
  5. Charity in order to obtain commercial advantages.
  6. Money laundering
  7. Payment of any costs for government officers and their relatives (or in their interests) in order to obtain commercial advantages, and
  8. Any other unethical act or omission.
  9. To use partners, agents, joint ventures, intermediaries, or other persons for any actions that are contrary to the principles and requirements of the Policy or the rules of the applicable anti-corruption laws.

Political Contributions

It is the Company’s policy that under no circumstances shall Company funds be used to make political contributions to political parties or candidates in any country, even if such contributions are permitted by a country’s written laws or regulations. It must be clearly understood that no Company Personnel can therefore make any sort of political contribution from Company funds under any circumstances whatsoever.

The Company’s policy is not intended to discourage or prohibit Company Personnel of a country from voluntarily making personal political contributions, from participating in the political process on their own time and at their own expense, from expressing their personal views on legislative or political matters, or from otherwise personally engaging in political activities in such country.

Environment Policies

The Company believes that commitment to sustainable development is a key component of responsible corporate citizenship and therefore deserves to be accorded the highest priority. Accordingly, the Company is committed to Best Practices in environmental matters arising out of its business activities and expects each business to fully demonstrate this commitment.

In addition to complying with applicable laws and regulations, Businesses must establish procedures for assessing the environmental effects of their present and future activities. They should adopt Best Practices in their environmental policies and procedures.

Statutory Compliance

Every employee of the Company shall, in his or her business conduct, scrupulously comply with relevant legislations which are of concern personally and professionally.

Compliance with Tax Laws

The company shall comply with all applicable tax laws in letter and spirit and shall complete all applicable payments within specified timelines.

Conflict of Interests:

Employees shall avoid any activity that creates a conflict between their personal interests and the company’s business interests without written consent of the management for anything that could be perceived as a conflict.

Self- Disclosures:

Employees shall not utilize the services of any supplier/customer/vendor towards individual interests unless the service is being paid for and the same is also disclosed to the management.

At all times, the highest levels of honesty, integrity and confidentiality should be maintained in all business dealings with customers, suppliers, fellow-colleagues and other stakeholders.


All directors, senior management and employees always have the obligation to conduct themselves in an honest and ethical manner and act in the best interest of the Company. They are expected to demonstrate exemplary personal conduct through adherence to the following:

Avoidance of Conflict of Interest

The term “conflict of interest” pertains to situations in which personal, financial or other consideration (s) may compromise, or have the appearance of compromising the professional judgment of Directors / Senior Management. A conflict of interest exists where the interests or benefits of Directors or Senior Management or of people or entities related to them conflicts with the interests or benefits of the Company.

Directors / Seniors Management are prohibited from engaging in any activity that interferes with the performance or discharge of responsibilities towards the Company or is otherwise in conflict with the interest or prejudicial to the Company.

In addition to mandatory disclosures all the Directors shall disclose their association with any other company which, in their judgment, may lead to conflict of interest with the Company.


The directors, officers and employees shall maintain the Confidentiality of information of the Company or that of any customer, supplier or business associate of the Company to which Company has a duty to maintain confidential, except when disclosure is authorized or legally mandated. The Confidential information includes all non-public information (including private, proprietary, and other) that might be of use to competitors or harmful to the Company or its associates. The use of confidential information for his / her own advantage or profit is also prohibited.

Insider Trading

The Company’s securities are listed on the BSE Limited (BSE) as well as National Stock Exchange of India Limited (NSE). The Company is committed to comply with securities laws in all jurisdictions in which its securities are listed, and the securities of its customers and vendors are listed.

The Company prohibits its directors, senior management and employees from any fraudulent and unfair trade practices in the securities market, with regard to the securities of the Company or of any other company with whom the Company, including those located outside India, has business dealings to the best of their knowledge.

Company Facilities

No director, senior management and employee shall misuse Company facilities. In the use of Company facilities, care shall be exercised to ensure that costs are reasonable and there is no wastage.

Whistle blower policy

 The company seeks support of all employees, suppliers, vendors and other stakeholders to report significant deviations from the policies and report any non-compliance/wrong practices, e.g, unethical behaviour, fraud, violation of law, inappropriate behaviour/ conduct etc. The Whistle Blower Policy provides guidance on reporting violations, wrongdoing or non-compliances, to enable management to address them appropriately and promptly. The Whistle Blower Policy is available on the website of the Company at


If you have any questions about this Code, any of the Anti-Corruption Laws and Anti-Money Laundering Laws or to seek advice prior to undertaking a particular act or action, you can write to Legal Team.

Alternatively, you may consult our Compliance Officer – Ms. Sarada Bhamidipati.

Any other instance of non-adherence to the Code of Conduct / any other observed unethical behavior on the part of those covered under this Code should be brought to – Grievance Cell