NCLAT dismisses PNB's plea against sale of Sterling Biotech to US-based Day
Aurobindo Pharma, Cadila Healthcare NSE 4.04 % and UPL NSE 0.02 % are among five companies in the race to acquire bankrupt Sterling Biotech through the liquidation process. The other two are integrated pharmaceutical manufacturing solutions company ACG Associated Capsules and Gland Celsus Bio Chemicals.
Sterling continues expansion and lines up further acquisitions, as the HPAPI market continues to see increasing demand, a company executive says.
The National Company Law Appellate Tribunal has granted 30 days more to the promoters of Sterling Biotech to settle dues of creditors, failing which liquidation process of the company will start. A three-member bench headed by Chairperson Justice S J Mukhopadhaya also said the Enforcement Directorate will probe and ascertain whether the money paid by the promoters is not from proceeds of crime.
The ED has recorded the statement of Faisal Patel, son of senior Congress leader Ahmed Patel, in connection with its probe into the alleged multi-crore-rupee bank fraud and money laundering by Gujarat-based firm Sterling Biotech, officials said on Wednesday. They said Faisal Patel has been asked to depose on Thursday too for a similar session.
The National Company Law Tribunal (NCLT) had recently rejected a plea by lenders to withdraw the insolvency proceedings against Sterling Biotech
Mumbai: The dedicated bankruptcy court has rejected an application from the Sterling Biotech lenders to withdraw their insolvency resolution petition.
A Delhi court Saturday issued open-ended non-bailable warrants (NBWs) against four directors of a Gujarat pharma firm in a Rs 8,100-crore money laundering probe case.
A Delhi court issued open-ended non-bailable warrants (NBWs) against four directors of a Gujarat pharmaceutical firm, Sterling Biotech Ltd, in a Rs 8,100-crore money laundering probe case.
The Adjudicating Authority made under the Prevention of Money Laundering Act (PMLA) has confirmed Rs. 4700 Crore attachment by the Enforcement Directorate (ED) in the case of Sterling Biotech Group.