- US Fed rolls out $2.3 trillion to backstop 'Main Street,' local govts
- Actual number of Covid-19 cases 4 times the official count: Mazumdar-Shaw
- Cognizant withdraws full-year guidance for 2020 amid Covid-19 uncertainties
- Covid-19: Odisha becomes first state to extend lockdown to April 30
- Industrial output grows 4.5% in February; highest in 7 months
- UP notifies six private hospitals for dedicated treatment of Covid-19 cases
- Coronavirus hits Saudi royals, King and Crown Prince in isolation
- Irdai rejects general insurers' call for blanket easing of solvency margins
Indian companies vs the US
Infosys agreed to pay a fine of $ 34 million in a case of flying workers to client sites in the United States on temporary visas. The visas for work are more expensive and has a quota every year. The fine is the largest ever of its kind across the world.
In May this year, the company agreed to pay a fine of $ 500 million after it pleaded guilty to felony charges related to drug safety. Ranbaxy USA pleaded guilty to three felony counts related to the manufacture of drugs at two Indian plans that failed meet safety standards and to four counts of making material false statements.
In September, the FDA made serious observations on Wockhardt's manufacturing plant at Chikalthana, citing quality violations. This is the second time this year that the US regulator noted violations of good manufacturing practices at a Wockhardt facility.
Sun’s US subsidiary, Caraco, has received two ‘483’ observations on its plant, following inspections in January and May by the US FDA this year. In a 483 observation, the FDA’s concerns are first raised with the company management. If the company failes to satisfy FDA queries, the issue could escalate into a more serious warning letter.
US regulator SEC fined Satyam for $17.5 million and its auditors Price Waterhouse for the accounting fraud that went undetected for several years. Satyam agreed to pay a fine of $10 million towards settlement of charges of fraudulently “overstating the company's revenue, income and cash balances by more than $1 billion over five years. PWC paid the rest of the fine.
Just about a week ago, Apollo Tyres lost a bid for dismissal of US-based Cooper Tire's lawsuit seeking to force a $2.5-billion takeover, paving the way for a trial in November. Cooper, which was to be bought over by Apollo, sued the Gurgaon-based company to enforce the buyout after it failed to close the deal by an October 4 deadline.
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