You are using an older browser version. Please use a supported version for the best MSN experience.

SC tells Andhra HC to decide on Sun Pharma-Ranbaxy deal in 2 days

LiveMint logoLiveMint 21-05-2014 Shreeja Sen

New Delhi: The Supreme Court on Wednesday told the Andhra Pradesh high court to consider in the next two days an appeal challenging the high court’s interim stay order against the merger of pharmaceutical companies Ranbaxy Laboratories Ltd and Sun Pharmaceutical Industries Ltd.

The Supreme Court bench of justices B.S. Chauhan and A.K. Sikri also said it will hear the matter again on 27 May, after the high court has disposed of the appeal.

The appeal by Sun Pharma challenges the high court’s temporary stay order on the grounds that the court did not have territorial jurisdiction and it had passed the order without giving any reason.

The Andhra Pradesh high court passed the stay order on a petition by two investors alleging insider trading in the Sun Pharma-Ranbaxy merger.

Sun Pharma announced in April that it was acquiring Ranbaxy in a $4 billion deal that would create the world’s fifth largest generic drug manufacturing company.

More From LiveMint

image beaconimage beaconimage beacon