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MUMBAI: The Securities and Exchange Board of India (Sebi) today disposed of charges against Sun Pharmaceutical Industries, and its promoters and directors for alleged diversion of funds through its subsidiary Aditya Medisales, after all the plaintiffs in the case filed a settlement plea.
Sebi had initiated a probe against , its managing director Dilip Shanghvi and its directors on the basis of two whistleblower complaints.
The market regulator observed during the investigation that Aditya Medisales was a related party of Sun Pharma even before the scheme of amalgamation. However, the relevant compliances pertaining to related parties were not made by Sun Pharma.
“The competent authority in Sebi was satisfied that there are sufficient grounds to inquire into the affairs and adjudicate upon the alleged violations,” the order said.
The regulator released the settlement order for eight entities involved in its investigation including Sun Pharma, Dilip Shanghvi, Sudhir Valia, Uday Baldota, and Sunil Ajmera.
The eight entities involved in the case paid a combined settlement amount of Rs. 2.92 crore, with Dilip Shanghvi paying Rs 62.35 lakh.
Sebi had initiated a probe against , its managing director Dilip Shanghvi and its directors on the basis of two whistleblower complaints.
The market regulator observed during the investigation that Aditya Medisales was a related party of Sun Pharma even before the scheme of amalgamation. However, the relevant compliances pertaining to related parties were not made by Sun Pharma.
“The competent authority in Sebi was satisfied that there are sufficient grounds to inquire into the affairs and adjudicate upon the alleged violations,” the order said.
The regulator released the settlement order for eight entities involved in its investigation including Sun Pharma, Dilip Shanghvi, Sudhir Valia, Uday Baldota, and Sunil Ajmera.
The eight entities involved in the case paid a combined settlement amount of Rs. 2.92 crore, with Dilip Shanghvi paying Rs 62.35 lakh.
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