Business Medical Dialogues
    • facebook
    • twitter
    Login Register
    • facebook
    • twitter
    Login Register
    • Medical Dialogues
    • Speciality Dialogues
    • Education Dialogues
    • Medical Jobs
    • Medical Matrimony
    • MD Brand Connect
    Business Medical Dialogues
    • News
        • Financial Results
        • Hospitals & Diagnostics
        • IT / Health Venture
        • Implants / Devices
        • Insurance
        • Key Movement
        • Pharmaceuticals
        • Policy
        • Technology
        • pharma-news
    • blog
    LoginRegister
    Business Medical Dialogues
    LoginRegister
    • Home
    • News
      • Financial Results
      • Hospitals & Diagnostics
      • IT / Health Venture
      • Implants / Devices
      • Insurance
      • Key Movement
      • Pharmaceuticals
      • Policy
      • Technology
      • pharma-news
    • blog
    • Home
    • Editors Pick
    • Insider trading: Sun...

    Insider trading: Sun Pharma Senior Executive, wife pay over Rs 70 lakh settlement to SEBI

    Meghna A SinghaniaWritten by Meghna A Singhania Published On 2019-04-12T10:59:02+05:30  |  Updated On 2021-08-16T12:30:44+05:30

    Abhay Arvind Gandhi and his wife traded in Ranbaxy shares soon after Japanese major Daiichi, in 2014, agreed to sell Ranbaxy to Sun Pharma.


    New Delhi: Sun Pharma group's senior executive Abhay Arvind Gandhi and his wife Kiran have settled with Sebi a case related to insider trading in shares of Ranbaxy Laboratories in 2014.


    Both have paid a total of over Rs 70 lakh as settlement charges.


    At the time of alleged violation, Abhay Arvind Gandhi was the CEO of Sun Pharma Laboratories Ltd (SPLL), a wholly-owned subsidiary of Sun Pharmaceutical Industries Ltd.


    Currently, Abhay Gandhi is CEO of Sun Pharma's North America business.


    Gandhi and his wife traded in Ranbaxy shares soon after Japanese major Daiichi, in 2014, agreed to sell Ranbaxy to Sun Pharma.


    According to separate notices sent to the two individuals, they had traded in the shares of Ranbaxy when the proposed deal was to be made public.


    The proposed deal was UPSI (Unpublished Price Sensitive Information) from February 14, 2014 to April 6, 2014.


    By trading in the shares of Ranbaxy during the UPSI period, both allegedly violated the prohibition of insider trading norms, as per the notices.


    As Gandhi was then the chief of SPLL, he and his wife were insiders under the Sebi norms.


    Gandhi and Kiran traded in 454 shares and 6,770 shares, respectively, during the UPSI period.


    In two separate but similarly-worded orders issued on Thursday, Sebi said the two individuals sought to settle the adjudication proceedings initiated against them in 2017.


    Also Read: Sun Pharma launches cancer drug INFUGEM in US market


    Under Sebi's settlement mechanism, without admission or denial of guilt, both proposed to pay Rs 35.06 lakh each to settle the case.


    The settlement amounts proposed were approved by a panel of Sebi's Whole Time Members, according to the two orders.


    While settling the case, the regulator also said that enforcement actions could be initiated if any representation made by the two individuals is found to be untrue.


    "Sun Pharma is pleased that the matter of Mr Abhay Gandhi and his spouse has been brought to a closure.


    "Without admitting or denying the findings of fact and conclusions of law, Mr Gandhi and his spouse have proposed to settle the proceedings with Sebi," the company said in a statement.


    Sun Pharma has full faith that Gandhi conducts himself with the utmost integrity in any situation, it added.


    Also Read: Setback to Sun Pharma: NPPA refuses to give relief of price cap exemption for Gemcitabine

    Abhay Arvind Gandhi Daiichi Sankyo insider trading insiders case pharma pharma news pharma news india Ranbaxy Ranbaxy laboratories SEBI SPLL Sun Pharma sun pharma ceo sun pharma executive Sun Pharma Laboratories Ltd Sun Pharmaceutical 
    Source : PTI

    Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd

    Meghna A Singhania
    Meghna A Singhania

      Meghna A Singhania is the founder and Editor-in-Chief at Medical Dialogues. An Economics graduate from Delhi University and a post graduate from London School of Economics and Political Science, her key research interest lies in health economics, and policy making in health and medical sector in the country. She can be contacted at editorial@medicaldialogues.in. Contact no. 011-43720751

      Show Full Article
      Next Story
      Similar Posts
      Rising prices of hydroxychloroquine raw material forces small scale pharmas in Haridwar to stop production

      Rising prices of hydroxychloroquine raw material forces small scale pharmas in Haridwar to stop...

      Top priority on Delivery of Medicines through Speed Post: Minister

      Top priority on Delivery of Medicines through Speed Post: Minister

      Shipment of  antimalarial drug to US is likely to start next week: Indian Pharmaceutical Alliance

      Shipment of antimalarial drug to US is likely to start next week: Indian Pharmaceutical Alliance

      Lupin gets USFDA EIR for Nagpur Facility

      Lupin gets USFDA EIR for Nagpur Facility

      NPPA fixes prices of 29 formulations under DPCO, check out details

      NPPA fixes prices of 29 formulations under DPCO, check out details

      Coronavirus pandemic: Govt delegates more powers to NPPA to control, increase API production by manufacturers

      Coronavirus pandemic: Govt delegates more powers to NPPA to control, increase API production by...

      Aurobindo Pharma gets USFDA nod for Fluoxetine Tablets

      Aurobindo Pharma gets USFDA nod for Fluoxetine Tablets

      Aurobindo Pharma faces CA Suit in US for concealing facts

      Aurobindo Pharma faces CA Suit in US for concealing facts

      Jubilant Life Sciences Karnataka plant shut on coronavirus scare

      Jubilant Life Sciences Karnataka plant shut on coronavirus scare

      IPA releases Best Practices for Employee Safety in Pharmaceutical Manufacturing during COVID-19

      IPA releases Best Practices for Employee Safety in Pharmaceutical Manufacturing during COVID-19

      Coronavirus Impact: Indian Pharma Exports to miss 22 Billion target, says Pharmexcil

      Coronavirus Impact: Indian Pharma Exports to miss 22 Billion target, says Pharmexcil

      Bharat Biotech join hands with University of Wisconsin, FluGen for COVID-19 vaccine- CoroFlu

      Bharat Biotech join hands with University of Wisconsin, FluGen for COVID-19 vaccine- CoroFlu

      USFDA Requests Removal of All Ranitidine Products (Zantac) from the Market

      USFDA Requests Removal of All Ranitidine Products (Zantac) from the Market

      Popular Stories

      After Abbott, two more Stent makers seek withdrawal of New Gen Stents

      After Abbott, two more Stent makers seek withdrawal of New Gen Stents

      Sterling Biotech Bank Fraud: ED seize assets including business jet, ships, oil rings worth over Rs 9700 crore

      Sterling Biotech Bank Fraud: ED seize assets including business jet, ships, oil rings worth over Rs...

      3.36% of about 82,600 drugs samples found to be substandard

      3.36% of about 82,600 drugs samples found to be substandard

      Johnson n Johnson ties up with CSIR-IMTECH to Develop Innovative Tuberculosis Treatments

      Johnson n Johnson ties up with CSIR-IMTECH to Develop Innovative Tuberculosis Treatments

      Bring Cataract Lenses, Syringes, IV Fluid Sets, Urine Bags under Price Ceiling: Maha Govt tells Health Ministry

      Bring Cataract Lenses, Syringes, IV Fluid Sets, Urine Bags under Price Ceiling: Maha Govt tells...

      Johnson & Johnson Risperdal Lawsuit: US Court Slashes USD 8 Billion Verdict

      Johnson & Johnson Risperdal Lawsuit: US Court Slashes USD 8 Billion Verdict

      Covid-19 Impact: NPPA asks drugmakers to submit availablility data of 58 APIs, details

      Covid-19 Impact: NPPA asks drugmakers to submit availablility data of 58 APIs, details

      Johnson and Johnson must pay 4 million dollar in punitive damages in latest asbestos cancer trial

      Johnson and Johnson must pay 4 million dollar in punitive damages in latest asbestos cancer trial

      View All

      • Email: info@medicaldialogues.in
      • Phone: 011 - 4372 0751

      Website Last Updated On : 27 May 2022 6:45 AM GMT
      Company
      • About Us
      • Contact Us
      • Our Team
      • Reach our Editor
      • Feedback
      • Submit Article
      Ads & Legal
      • Advertise
      • Advertise Policy
      • Terms and Conditions
      • Privacy Policy
      • Editorial Policy
      • Comments Policy
      • Disclamier

      This website is certified by Health On the Net Foundation. Click to verify. This site complies with the HONcode standard for trustworthy health information:
      verify here.

      Search only trustworthy HONcode health websites:

      Medical Dialogues is health news portal designed to update medical and healthcare professionals but does not limit/block other interested parties from accessing our general health content. The health content on Medical Dialogues and its subdomains is created and/or edited by our expert team, that includes doctors, healthcare researchers and scientific writers, who review all medical information to keep them in line with the latest evidence-based medical information and accepted health guidelines by established medical organisations of the world.

      Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription.Use of this site is subject to our terms of use, privacy policy, advertisement policy. You can check out disclaimers here. © 2020 Minerva Medical Treatment Pvt Ltd

      © 2020 - Medical Dialogues. All Rights Reserved.
      Powered By: Hocalwire
      We use cookies for analytics, advertising and to improve our site. You agree to our use of cookies by continuing to use our site. To know more, see our Cookie Policy and Cookie Settings.Ok
      X
      X