The Supreme Court had on Wednesday asked the Andhra Pradesh High Court to take a decision within two days on the plea challenging merger of Sun Pharmaceutical with Ranbaxy.

The petition was filed by two investors requesting it to restrain the BSE and NSE from giving any clearance to the scheme of amalgamation or merger between Sun Pharma and Ranbaxy.

The petitioners had alleged that there was heavy trading involved in the Sun Pharma-Ranbaxy merger. The petitioner requested the court to direct the SEBI to investigate the insider trading of Ranbaxy shares and take appropriate action.

The court had earlier issued interim orders to maintain status quo with regard to the merger.

The Mumbai-based Sun Pharma had on April 6 announced that it would fully acquire Ranbaxy in an all-stock transaction with a total equity value of USD 3.2 billion, along with debt of USD 800 million, taking the overall deal value to USD 4 billion.

JPN

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