Sebi’s enquiry followed allegations made by a whistleblower in a 150-page complaint to Sebi accusing Sun Pharma of committing corporate governance and tax-related offences and securities market-related violations
A preliminary enquiry by the Securities and Exchange Board of India (Sebi) has found no merit in allegation of violation of securities laws, levelled by a whistleblower, against pharmaceutical major Sun Pharmaceutical Industries, said two persons aware of the matter.
The market regulator had sought detailed answers on two queries — 1. Alleged fund diversion of Rs 42,000 crore, through the company’s key distributor and subsidiary, Aditya Medisales (AML); 2. On the company’s 2004 fund raising through foreign currency convertible bonds (FCCB).
The investigation team is of the view that the matter does not require further probe, said sources.
First Published: Aug 28 2019 | 7:59 PM IST