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Aurobindo Issues Statement On Arrest Of Director P Sarath Reddy By ED
The Indian pharmaceutical giant Aurobindo pharma on Thursday said that its Director and Promoter P. Sarath Chandra Reddy has been arrested by officials of the Enforcement Directorate
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The Indian pharmaceutical giant Aurobindo pharma on Thursday said that its whole time Director and Promoter P. Sarath Chandra Reddy has been arrested by the officials of the Enforcement Directorate.
"The Company learnt that Mr P Sarath Chandra Reddy, Whole Time Director / Promoter Group of the Company has been arrested by Enforcement Directorate," the pharma major said in a statement.
The pharma company further added that it is finding further details and will reveal information as it deems appropriate. "Company is in the process of ascertaining further details and will do further disclosures as appropriate," Aurobindo's statement added.
As per media reports, the arrest has been made in connection with the Delhi government's liquor policy case. The officials of ED have arrested two executives of Aurobindo pharma, Benoy Babu and P Sarath Chandra Reddy under charges of the Prevention of Money Laundering Act (PMLA).
After the announcement of the arrest the company's stock fell by 8.39 per cent to Rs 495.95 a piece as of 12:44 IST.