24 Mar 17 | 16:00
DR.REDDY'S LABORATORIES LTD.
Dr Reddys Laboratories Ltd reply to clarification sought by the exchange |
The Exchange had sought clarification from Dr Reddys Laboratories Ltd with respect to news appearing in Business Standard on January 9, 2015 titled "Maharashtra suspends Dr.Reddy's Licences."
Dr Reddys Laboratories Ltd replied stating "We would like to clarify as under:
The order relates only to the wholesale licence of the Clearing and Forwarding agent. In our opinion there has been no violation of any statute or regulation by the Company and it has been in compliance. The product being investigated is not a drug and is neither manufactured nor marketed by us. An interim stay has been granted today by the High Court for two weeks. Dr. Reddy's shall approach the State (Minister) on Monday, December 12, 2015 as directed by the Court.
This is not expected to be material to the Company's operations or consolidated results and hence we did not see a stock exchange notification necessary".
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26 Mar 17|07:00 (IST)