Daiichi Sankyo, owner of Ranbaxy Laboratories, has filed a petition at the Andhra Pradesh High Court requesting it to vacate the ‘status quo’ order it issued earlier on Sun Pharma-Ranbaxy merger process.
The HC may take up hearing on the petition on May 15. Based on a petition filed by two individual investors, the court on April 25, issued interim ‘status quo’ orders on the merger process.
The petitioners alleged that there was heavy trading of Ranbaxy stock before the merger with Sun Pharma was announced on April 6, and requested the court to direct the Securities and Exchange Board of India to investigate the insider trading of Ranbaxy shares and take appropriate action against Sun Pharma and Silver Street.
Daiichi, in its petition filed last week requesting the court to vacate its earlier order, contended that the petitioners (investors) had approached the court without exhausting the alternative remedies.