In Aditya Medisales Case, the settlement and managing director of Sun Pharma Dilip Shanghvi has been settled with SEBI, the market regulator SEBI. SEBI has ordered Dilip Shanghvi to deposit Rs 62.35 lakh for the settlement. In this case, 8 people, including Dilip Sanghvi, MD of Sun Pharma, have settled the case by filling the shares with SEBI by Rs 3.54 crore.
Apart from Dilip Sanghvi, 7 other people have made a settlement in this case by paying Rs 2.92 crore. These people were accused of fund diversion through Aditya Medicles Limited. In fact, in this case 2 whistleblower had filed a complaint before SEBI that Sun Pharma and its subsidiary Sun Pharmaceuticals Laboratories Limited (SPLL) are diverting the funds through their distributor company Aditya Medisels. Both the wheelblowers alleged that the money was being routed through Aditya Medicles for many years.
SEBI launched an investigation into the matter and found that Aditya Medicels’ related party is Sun Pharma. During the investigation, SEBI conducted a forensic audit, which found that Aditya Medicles had to first get approval for the related party, which it had not taken. This was clearly a violation of law.
SEBI said that any company works on the instructions of its board of directors and if any disturbances are found then the directors of the company are responsible for it. Since Dilip Shanghvi is the MD of the company, Sanghvi is guilty of this. SEBI said that the company has failed to meet the regulatory provision.
Issued 8 different 32-page orders
SEBI issued a show cause notice in this case on 19 May 2020. The notice said, why not impose a penalty on them. After this, Sun Pharma and others decided to settle with Sebi. In this case SEBI issued 8 different orders totaling 32 pages. According to the SEBI order, Sun Pharma, Dilip Sanghvi, Sudhir Walia, Uday Baldota and Sunil Ajmera etc. have settled the case by paying a total of Rs 3.54 crore.
