Sun Pharma arm CEO, wife settle insider trading case with Sebi
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The proposed deal was UPSI (Unpublished Price Sensitive Information) from February 14, 2014 to April 6,