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Relief for Sun Pharma: SEBI finds no merit in fraud allegations

Updated : August 29, 2019 08:06 AM IST

Sun Pharmaceutical Industries will be in focus today following reports the Securities and Exchange Board of India (SEBI) has found no merit in the allegations of fraud against the company.

The Sebi conducted inquiry following the allegations of corporate governance and tax-related offences by a whistle-blower against Sun Pharmaceutical.

Sebi had sought answers on two queries – one was the fund diversion of Rs 42,000 crore through the subsidiary Aditya Medisales and second was the 2004 fundraising through the foreign currency convertible bond (FCCB) route.

According to a report, the alleged fund diversion never generated huge profits.

CNBC-TV18 has not verified the report independently and cannot vouch for its authenticity.
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