Business Standard
Saturday, Nov 21, 2009
 
drived banner
drived banner
  Advanced Search
Feedback | RSS
Content Guide
Follow us on  
  Home  |Markets & Investing|Companies & Industry|Banking & Finance|Economy & Policy|Opinion|Life & Leisure|Mgmt & Mktg|Tech World|BS Products 
 Section Home | News Now | Today's Paper | Q&A | People in the News | Industry News | Features | The Compass | Research & Analysis | Opinion | Corporate Results
Home > Companies & Industry Live Markets | Smart Portfolios II
  Search:
One-month relief for Ranbaxy
Joe C Mathew / New Delhi July 16, 2008, 4:10 IST
Drug-maker filed response in US court yesterday.
 
Under fire in the United States for giving distorted information on the generic drugs it sold, Ranbaxy Laboratories today said that it will file all relevant information within a month after which the legal case initiated against it by the US government will be withdrawn.
 
This is a key disclosure in the response filed by Ranbaxy in a district court in Maryland yesterday against the "motion to compel" filed by the US government on July 3.
 
"The government has agreed to withdraw the motion once production (of the documents) is complete," the Ranbaxy response said.
 
Meanwhile, nervous investors continued to hammer the Ranbaxy stock, which fell 14 per cent on the Bombay Stock Exchange to Rs 409.25 today. Combined with yesterday's fall of 10.45 per cent, Ranbaxy shareholders have seen almost a quarter of their wealth evaporate in the last two trading sessions.

The Ranbaxy stock had risen 3.3 per cent from Rs 514 on July 3 when the US government informed it of the legal action to Rs 531 on July 11, the last trading day before the news broke out.

"Ranbaxy filed its response in the US court yesterday and prior to the filing, Ranbaxy had informed the stock exchanges," a Ranbaxy spokesperson said.

Ranbaxy, India's largest drug maker, is in the midst of being acquired by Daiichi Sankyo of Japan from the Singh family for $4.6 billion. The company has maintained the deal is on track. In an extraordinary general meeting, its shareholders today gave their nod to the takeover.

The US authorities have alleged that Ranbaxy has violated federal laws that have resulted in its introduction of adulterated and misbranded drugs in the US market, which accounts for 24 per cent of its revenue.

In its response, a copy of which is available with Business Standard, Ranbaxy has argued that it had withheld some information related to tests carried out at its facility at Paonta Sahib in Himachal Pradesh because it was privileged information.

However, the company has now decided to share with the US government all the audits carried out by Parexel, a US-based consultancy outfit, on the Poanta Sahib plant.
 
Ranbaxy had engaged Parexel in 2006 to study the "good manufacturing practices" issues raised by the US Food and Drug Administration about the plant. It subsequently audited the "stability data" from the plant and was also involved in the company's quality systems improvement programme.

 
Arrow Other Stories     
- Sensex makes remarkable recovery, regains 17K
- S C Kalia takes over as Union Bank ED
- PNB may acquire majority stake in Kazakh bank
- Maoist hindering land acquisition for Tata steel project: Raman
- Koda says he will report to ED only after Jharkhand polls
More  
  Read Business news in 
Advertisements
  Get financial advisory and solutions for your projects
  Holidays starting at a delightful EMI of Rs 3481
  Switch on and say hello to Monday morning !
  Your dream home can now be a reality.
  Visit Fortis for a preventive health check-up & get a 20% discount.
  Follow the ups and downs of your investments. Try our new Portfolio Tracker
  Kolkata Dock \ Freight contract for the British Gurkhas Nepal
  Find how Midsize Businesses use ERP to gain competitive advantage
  Trading in Forex is now as easy as 1-2-3
  Discover an economical and cost effective way to market your products and services
  Giftwithlove.com: Same day delivery of Flowers and Cakes to India
  Download the E-book on the Future of Business Intelligence
  Learn Best Practices for improving customer satisfaction
  Know your customers better... download the free e-book on CRM
   Discussion Board / User Comments    
Display Name  Email-Id  
Post your comment
Most Popular
Read
E-Mailed
Commented
   
- Bharti Airtel slashes roaming rates by 60%
- Govt may allow private sector investment in education
- Network18 lays off 200 staffers
- Suzlon Energy's three promoters pledge 2.8 cr shares
- Patni may host all IT services on 'cloud'
 
 More  
BS Poll
Cast Your Vote
 
   
 
Should India's defence sector be thrown open to foreign investments?
  Yes  No
Submit

  Hot Searches  
 
Amitabh Bachchan | N Chandrasekaran | Swine Flu | Mukesh Ambani | Anil Ambani | TCS | Infosys |  Air India |  Duronto |  Pranab Mukherjee | Sonia Gandhi | Congress | Rahul Gandhi |  Bigg Boss |  New Pension Scheme |  Service tax |  Excise duty |  Sebi | Tech Mahindra |  Ramalinga Raju |  Satyam |  Reliance  |  RBI |  GDP |  Gold |  Ratan Tata |  ICICI |  |  B-School | DLF  Sensex |  Tax calculator | Home Loan  | Bollywood | Personal Finance |  inflation | oil prices |  World Bank | Reliance Infratel |  HDFC |  Barack Obama  
 
  Member Area Write to the Editor RSS Archives Advanced Search
  Subscribe to BS print product BS e-paper Newsletter Portfolio Tracker
  BS Products BS Hindi BS Motoring
FOR HOT PRODUCTS
BS Bazaar.com
Home | Markets & Investing | Companies & Industry | Banking & Finance | Economy & Policy | Opinion
Life & Leisure | Management & Marketing | Tech World
About Us | Partner With Us | Code of Conduct | Careers | Advertise with us| Terms & Conditions | Disclaimer | Site Map | Contact Us | Feedback