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.
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