Slump sale row: Sebi refuses relief to Par Drugs

New Delhi: Capital markets regulator Sebi has confirmed its directions against the Vadodara-based Par Drugs and Chemicals in connection with the proposed slump sale of its core business to a promoter-related entity, pending completion of investigation.

The regulator said observations made in the latest order are tentative in nature, pending detailed investigation. In a confirmatory order passed on March 25, Sebi found that Par Drugs and Chemicals Ltd has failed to rebut prima facie findings recorded in the interim order.

“The detailed investigation in the matter is in progress and a comprehensive picture is expected to emerge after final findings. Hence, I am not inclined to modify the directions as stated in the interim order,” Sebi’s Whole Time Member Kamlesh Chandra Varshney said in the order.