The Andhra Pradesh High Court today vacated the status quo order it had issued earlier on the merger process between pharmaceutical majors Sun Pharma and Ranbaxy.A petition in this regard was filed by two investors requesting the High Court to restrain the BSE and the NSE from giving any clearance to the scheme of amalgamation or merger between Sun Pharma and Ranbaxy.The petitioners alleged that there was heavy trading of Ranbaxy stock before the merger with Sun Pharma was announced on April 6.The court had earlier issued interim orders to maintain status quo with regard to the merger.The SEBI had on Friday informed the court that an investigation is currently going on into the allegations of insider trading.The Mumbai-based Sun Pharma had on April 6 announced that it would fully acquire Ranbaxy.
News On AIR | May 25, 2014 7:41 PM
Andhra HC vacates status quo order on merger process between two pharmaceutical majors