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Sun Pharma, Officials Including Dilip Shanghvi Settle Case Of Alleged Market Norms Violation With SEBI
Sebi had received two whistleblower complaints, wherein allegations were made against Sun Pharmaceutical Industries Ltd (SPIL) and its wholly-owned subsidiary Sun Pharmaceutical Laboratories Ltd (SPLL), alleging that the firms had been diverting funds through its sole distributor in India, Aditya Medisales Ltd.
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Sun Pharmaceutical Industries Ltd and its senior officials, including Managing Director Dilip Shanghvi, on Thursday settled with regulator Sebi a case pertaining to alleged violation of listing obligation and disclosure requirements norms.
According to separate settlement orders, Sun Pharmaceutical paid over Rs 56.11 lakh towards settlement charges and Shanghvi paid Rs 62.35 lakh.
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 ye
Sun Pharma Share Price Falls On Settlement Order By SEBI, Here Is What Brokerages Have To Say moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Except bank and IT, all other sectoral indices ended in the red, with metal, pharma, FMCG and energy losing a percent each. BSE midcap and smallcap indices ended flat.
The whistle-blower alleged that Sun Pharma and its subsidiary, Sun Pharmaceutical Laboratories, had diverted funds through Aditya Medisales, its sole distributor in India.