The Securities and Exchange Board of India (Sebi) has sought an explanation from Sun Pharmaceutical on the alleged fund diversion of Rs 42,000 crore through its key distributor and subsidiary Aditya Mediasales (AML). In two letters dated January 28 and February 18, the regulator asked Sun Pharma to furnish a detailed methodology of AML’s operations, along with the agreement between the drugmaker and AML.
Sebi also asked Sun Pharma to explain the rationale, terms, and conditions of the advances given to AML. It is a pharma distribution company and is classified as a promoter ...
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