The Supreme Court has directed the Andhra Pradesh High Court to take a decision within two days on a plea challenging the merger of Sun Pharmaceutical with Ranbaxy. The apex court also said it will take up on May 27 the pleas of Sun Pharmaceutical and Ranbaxy challenging the Andhra Pradesh High Court's interim stay order on their merger. The Andhra Pradesh High Court on April 25 had directed the BSE and NSE not to approve the merger while admitting a petition by retail investors alleging insider trading. Sun Pharma had announced on April 6 that it would fully acquire Ranbaxy in an all stock transaction with a deal value of 4 billion dollar.
News On AIR | May 21, 2014 12:46 PM
SC deadline to AP HC to decide on plea against Sun-Ranbaxy merger