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.<\/p>\n
Both have paid\u00a0settlement charges worth a total of over Rs 70 lakh as . 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.<\/p>\n
Abhay Gandhi is currently the CEO of Sun Pharma’s North America business.<\/p>\n
Gandhi and his wife traded in Ranbaxy shares soon after Japanese major Daiichi, in 2014, agreed to sell Ranbaxy to Sun Pharma.<\/p>\n
As per the separate notices sent to the two individuals, they had traded in the shares of Ranbaxy when the proposed deal was to be made public.<\/p>\n
The proposed deal was UPSI (Unpublished Price Sensitive Information) from February 14, 2014 to April 6, 2014.<\/p>\n
By trading in the shares of Ranbaxy during the UPSI period, both allegedly violated prohibition of insider trading norms, as per the notices.<\/p>\n
As Gandhi was then the chief of SPLL, he and his wife were insiders under the Sebi norms.<\/p>\n
Gandhi and Kiran traded in 454 shares and 6,770 shares, respectively, during the UPSI period.<\/p>\n
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.<\/p>\n
Under Sebi’s settlement mechanism, without admission or denial of guilt, both proposed to pay Rs 35.06 lakh each to settle the case.<\/p>\n
The settlement amounts proposed were approved by a panel of Sebi’s Whole Time Members, according to the two orders.<\/p>\n
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.<\/p>\n
The company, in a statement said Sun Pharma is pleased that the matter of Mr Abhay Gandhi and his spouse has been brought to a closure.<\/p>\n
Without acknowledging or denying findings of fact and conclusions of law, Mr Gandhi and his spouse have proposed to settle the proceedings with Sebi.<\/p>\n
Sun Pharma has full faith that Gandhi conducts himself with the utmost integrity in any situation, it added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u00a0settlement charges worth a total of over Rs 70 lakh as . At the time of alleged violation, Abhay Arvind Gandhi was the CEO […]<\/p>\n","protected":false},"author":1,"featured_media":4735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[2744,454,3714],"class_list":["post-4734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-insider-trading","tag-sun-pharma","tag-upsi"],"aioseo_notices":[],"yoast_head":"\n