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Sebi examining whistleblower complaint against Sun Pharma, says chairman Ajay Tyagi

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Capital market regulator Securities and Exchange Board of India (Sebi) on Wednesday said they have received a whistleblower complaint against Sun Pharma. Ajay Tyagi, chairman, Sebi said the regulator is examining whistleblowers complaint before taking any action in Sun pharma case. It is for the first time that Sebi has revealed it received a complaint the pharma giant.

Capital market regulator Securities and Exchange Board of India (Sebi) on Wednesday said they have received a whistleblower complaint against Sun Pharma.
Ajay Tyagi, chairman, Sebi said the regulator is examining whistleblowers complaint before taking any action in Sun pharma case. It is for the first time that Sebi has revealed it received a complaint against the pharma giant.
With regards to ICICI Bank-Videocon case, Tyagi said the bank has not filed any consent application. Earlier Sebi had issued showcause notices to ICICI Bank, Chanda Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding “conflict of interest” in business dealings of Deepak Kochhar, Chanda Kochhar's husband, with Videocon Group.
A report by PTI said Sebi is likely to reopen an insider trading case against Sun and also probe alleged lapses by some of Sun’s promoters in raising funds overseas.
Shares of Sun Pharma, the country’s biggest drug manufacturer by market value, dropped more than 10 percent last Monday after a report of a regulatory probe against the company.
Earlier this month, Sun Pharma chairman Dilip Shanghvi, in an interview to CNBC-TV18, had denied any involvement into the insider trading case against the company and its promoters and reinforced that it follows a higher level of corporate governance.
“One of the issues pointed out relates to an insider trading case, which was settled with Sebi regarding the Ranbaxy acquisition. Let me clarify that Sun Pharma has not been involved in any insider trading norm violation relating to Ranbaxy deal,” Shanghvi had said.

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