Sun Pharmaceutical Industries Ltd and its founder Dilip Shanghvi have settled a whistleblower complaint with the Securities and Exchange Board of India (Sebi) alleging diversion of funds through the company’s sole distributor.
Sun Pharma has paid a settlement amount of Rs 56.1 lakh, Shanghvi has paid Rs 62.35 lakh.
Other top executives of the company that included chief financial officer- Uday Baldota (Rs 24.65 lakh), whole time directors Kalyanasundaram Subramanian (Rs 36.9 lakh), Sailesh T. Desai (Rs 37.41 lakh) and Sudhir V. Valia (Rs 37.41 lakh) have also settled the case without admission or denial of guilt before the capital market regulator.
Whistleblower complaints were made against the country’s largest drug maker and its wholly owned subsidiary, Sun Pharmaceutical Laboratories Ltd, alleging that they had been diverting funds through Aditya Medisales Ltd (AML), its sole distributor in India. It was also alleged that transactions with AML were going on for several years.