SAT upholds SEBI order on ex-director of Ranbaxy

The Securities Appellate Tribunal on upheld SEBI’s order slapping penalties on a former independent director of Ranbaxy Laboratories and his wife for violating insider trading norms. Market regulator SEBI had imposed a penalty of Rs 50 lakh on V K Kaul – who was a non-executive independent director of Ranbaxy Laboratories between January 2007 and December 2008 – and a fine of Rs 10 lakh on his wife Bala Kaul. On behalf of his wife, Kaul had traded in shares of Orchid Chemicals and Pharmaceuticals Ltd ahead of large investments made by Solrex Pharmaceuticals.