Sun Pharmaceutical Industries is issuing this clarification in response to various reports. "At Sun Pharma, we hold ourselves to the highest standards of corporate governance and business ethics. Our code of conduct serves as a compass that guides the actions of our employees and directors ensuring consistent and uncompromising integrity as we build trusted relationships around the world."
The matter highlighted above related to purchase of shares of Ranbaxy Laboratories by Silverstreet Developers LLP and it does not violate Insider Trading Rules.
Sudhir Valia is not and was not a partner of Silverstreet Developers LLP when purchase of shares of Ranbaxy Laboratories Ltd was affected by LLP.
Silverstreet Developers LLP has two partners. Both are 100% subsidiaries of Sun Pharma. Hence, all the benefits flowing from the investment in Ranbaxy shall accrue to Sun Pharma.
Shares of the company gained Rs 40.55, or 6.91%, to settle at Rs 627.80. The total volume of shares traded was 1,131,719 at the BSE (Wednesday).