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Sun Pharma, 7 executives settle dispute with Sebi; pay Rs 2.92 cr

Sun Pharmaceutical Industries — along with seven of its executives including Dilip Shanghvi (managing director) and Sudhir Valia (director) — has settled a pending dispute with the Securities and Exchange Board of India (Sebi) by agreeing to pay a cumulative penalty of Rs 2.92 crore.
Sun Pharma has agreed to pay Rs 56 lakh, while Shanghvi will pay Rs 62.3 lakh, and Valia Rs 37.4 lakh. Other individuals have agreed to pay between Rs 18.5 lakh and Rs 37.4 lakh.
The matter pertains to violation of related party norms and allegations of fund diversion. Two whistle-blowers had alleged that Sun Pharma and its wholly owned subsidiary Sun Pharmaceutical Laboratories had been diverting funds through Aditya Medisales, its sole distributor in India. It was further alleged that the diversion continued for several years but Sun Pharma had declared Aditya Medisales as a related party only in 2017-18.

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