The Competition Commission in India and the US Federal Trade Commission are closely scrutinising the deal to see if there could be any sort of monopolistic situations in the market post this deal and this clearance would be the most crucial.
Pharma Major Ranbaxy will have to pay the US authorities a fine of Rs 242 crore . This comes on a day when Sun Pharma shareholders approved the company's merger with Ranbaxy . In their earlier conference call the company had mentioned about a subpoena that was issued to them however not disclosing the details and the quantum of the fines that they would have to pay.
According to reports this fine is divided into two components; about 38-40 percent of the fine is as additional dues based on the slippages in their earlier USD 500 million settlement that they had done with the US Department of Justice, based on the felony charges on Ranbaxy.
The remaining 60 percent is the fine for overcharging the state in their state funded medicate programmes and that would be paid to the state of Texas.
Additional fines if there are any on the Toansa facility based on the USFDA audit would be borne by Daiichi Sankyo.
However Ranbaxy in their Q1 of this fiscal had made provisions of about Rs 237 crore saying that this would be paid to the US authorities but not disclosing the nature of this provision.
One positive development that happened on Sun Pharma and Ranbaxy today was that in a court convened meeting, shareholders have approved the USD 4 billion merger of Sun Pharma and Ranbaxy. They have approved the share swap-ratio as well and given their go-ahead.
Now what is pending for Sun Pharma and Ranbaxy to clear is the approvals from the competition authorities both in India and US.
The Competition Commission in India and the US Federal Trade Commission are closely scrutinising the deal to see if there could be any sort of monopolistic situations in the market post this deal and this clearance would be the most crucial.
Apart from that both the companies have already sought clearances from the stock exchange and now even the shareholders have approved it. What is pending is the Competition Commission's nod.
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