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    Sebi asks Sun Pharma to explain alleged fund diversion of Rs 42,000 crore, says report

    Sebi asks Sun Pharma to explain alleged fund diversion of Rs 42,000 crore, says report

    Sebi asks Sun Pharma to explain alleged fund diversion of Rs 42,000 crore, says report
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    By CNBC-TV18  IST (Published)

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    The Securities and Exchange Board of India (Sebi) has asked pharmaceutical major Sun Pharma to explain an alleged diversion of Rs 42,000 crore through its unit Aditya Medisales (AML), Business Standard reported.

    The Securities and Exchange Board of India (Sebi) has asked pharmaceutical major Sun Pharma to explain an alleged diversion of Rs 42,000 crore through its unit Aditya Medisales (AML), Business Standard reported.
    The market regulator, in two separate notes dated January 28 and February 18, sought an explanation from Sun Pharma to AML’s detailed operations, along with the companies association with Sun, the report said.
    Sun Pharma was also asked to explain the rationale, terms and conditions of the advances given to AML as a promoter stakeholder of the pharma company, the report added.
    The pharma major has called fund-diversion charges baseless.
    As of December 31, 2017, AML owned 1.6 percent stake in Sun Pharma and the company’s domestic formulation business is entirely routed through it, the report said.
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