By S A Ishaqui
Hyderabad, May 23: The Andhra Pradesh High Court will hear the pleas against proposed merger of Ranbaxy with Sun Pharma on Friday. The Supreme Court on Wednesday asked the AP High Court to resolve within two days.
The counsel representing Sun Pharma on Thursday made a submission before a vacation bench comprising Justice G. Chandraiah and Justice M.S.K. Jaiswal of the High Court, urging it to take up the petitions for hearing in view of the Supreme Court order.
The counsel submitted that the a petition by two individual investors pending before the court and a single judge granted status quo on merger and the Sun Pharma company filed an application seeking to vacate the interim orders.
Responding to the submissions, Justice Chandraiah said that the matter will be taken up on Friday. The petitioners had requested the High Court to grant an interim stay as they suspect insider trading in Ranbaxy shares before the merger with Sun Pharma was announced on April 6.
They requested the court to direct the Sebi to investigate the alleged insider trading and also to restrain stock exchanges from clearing to the merger of Ranbaxy with Sun Pharma.
As per the statement submitted to the court, more than 70 lakh Ranbaxy shares were traded before the merger was announced, pushing the share price by over 25 per cent.
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