Sebi censures Astrazeneca promoter, Elliot Group for unfair trade practices

Sebi said that the entire procedure was intended to dilute the reverse book building mechanism for discovery of delisting price of the scrip as per stipulations

Markets regulator Sebi has "censured" Astrazeneca Pharma India Ltd's promoter and Elliot Group for professional misconduct and following unfair trade practises during the company's delisting plan in 2014.

The regulator, in a 65-page order, said that Astrazeneca Pharma India Ltd's (AZPIL) promoter AstraZeneca Pharmaceuticals AB Sweden (AZPAB), and Elliott Group, which held 15.52 per cent stake in the company, had a 'private arrangement' to sail through the delisting process, news agency PTI reported.

Sebi said it "strongly censure the noticees (AZPAB and Elliott Group) for displaying such gross professional misconduct and fraudulent trade practice and trying to arrive at a