Sterling Biotech

The company had first disclosed the deal on September 17, 2024, after signing a business transfer agreement (BTA) with SBL

Zydus Lifesciences Ltd on Tuesday said it will acquire the 'Target Business' of Sterling Biotech primarily engaged in manufacturing of fermentation-based active pharmaceutical ingredients products and a production facility at Masa in Gujarat for a pre-agreed sum of Rs 84 crore. In August this year when Zydus acquired a 50 per cent stake in Sterling Biotech Ltd (SBL), the company negotiated for the right to acquire the 'Target Business' of SBL at a pre-defined value. "This right has been exercised by the company," Zydus Lifesciences said in a regulatory filing. The board of directors of the company at their meeting held on September 17, 2024, have approved a business transfer agreement (BTA) to purchase the active pharmaceutical ingredients (API) business -- the Target Business -- of SBL, on a going concern basis, on slump sale basis, without values being assigned to individual assets and liabilities, on cash-free and debt-free basis at a pre-defined lump-sum consideration of Rs 84 .

Despite the acquisition effort, analysts await details on the joint venture's renewed strategy and planned investments to revitalise SBL's prospects

Firm will focus on animal-free protein production

Three days after questioning senior Congress leader Ahmed Patel a team of ED once again arrived at his residence to question him in connection with the Gujarat-based Sterling Biotech

The NCLAT had said it will not come in the way of the individuals such as promoters and directors

The Resolution Professional of Sterling Biotech's subsidiary, PMT Machines, had approached the appellate authority with a plea that the properties were incorrectly attached by the ED

Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions

Legal experts say the order goes against the legislative intent of the IBC

According to the probe agency, the promoters used their employees' names and incorporated 249 domestic and 96 offshore shell companies

The Enforcement Directorate (ED) is also investigating the case and has moved Delhi court against them even as efforts are on to bring them to book

This came after diverse stands taken by the official agencies

The CIRP of Sterling Biotech ended on March 8, 2019, after the 180-day period was extended by a further 90 days

As the promoters of the company are not in India, the court asked the company's resolution professional to act as an administrator of the company till further orders

The Mumbai bench of the NCLT will hear the lenders' petition Wednesday on the offer made by Sterling SEZ and Infrastructure.

Section 29A of IBC says the promoters of the debt-ridden company, which is facing insolvency proceeding, cannot bid for the company

Hitesh Narender Bhai Patel was apprehended by law enforcement officials of Albania in Tirana on March 20, say officials

Sterling Biotech owes close to Rs 8,100 crore to the banks and the offer entailed 65 per cent haircut for the banks

Sterling Biotech was referred to the NCLT in June last year

Bhushan Power & Steel, Essar want banks to take their 100% dues repayment offer