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SEBI Examining The Complaint Against Sun Pharma’s Dilip Shanghvi

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SEBI has announced that it is examining the whistleblower complaint against Dilip Shanghvi, CEO and Managing Director of Sun Pharmaceutical Industries. SEBI Chairman Ajay Tyagi after its board meeting told reporters, “There is whistleblower complaint which we are examining. I have nothing more to add.”

In the previous month, a whistleblower approached SEBI against Dilip Shanghvi and others alleging various irregularities by the company with several documents. As per the allegations claimed by the documents, during August of 2017, Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges.

After the report came out, Shangvi declared that Sun pharma has not received any query so far from the markets regulator regarding the whistleblower complaint. He also stated, “We are following highest levels of corporate governance at Sun Pharma.”

According to the reports, SEBI is likely to reopen the case as it has powers to reopen cases of the settlement related to insider trading on various grounds.

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