VetDC sues Piramal Pharma arm, seeks nearly Rs 75 crore as damages
New Delhi: Piramal Pharma Ltd has said VetDC Inc, an erstwhile partner, has filed a civil suit against its wholly-owned arm Piramal Pharma Solutions Inc seeking damages of up to USD 8.91 million (nearly Rs 75 crore) in a court in the US.Piramal Pharma Solutions Inc (PPS) and VetDC had entered into a supply agreement in 2018 under which PPS manufactured and supplied certain products to VetDC....
New Delhi: Piramal Pharma Ltd has said VetDC Inc, an erstwhile partner, has filed a civil suit against its wholly-owned arm Piramal Pharma Solutions Inc seeking damages of up to USD 8.91 million (nearly Rs 75 crore) in a court in the US.
Piramal Pharma Solutions Inc (PPS) and VetDC had entered into a supply agreement in 2018 under which PPS manufactured and supplied certain products to VetDC. This agreement expired in December 2021, Piramal Pharma said in a regulatory filing.
"VetDC has initiated a civil suit on November 28, 2023 making certain claims in relation to batches of the product manufactured and supplied during 2018-2019 which were rejected or partially rejected due to contamination," it added.
The suit has been filed before the District Court for the Eastern District of Kentucky, USA.
Further, VetDC also claims that it has suffered losses due to breach of contract.
"VetDC has alleged that it has suffered damages to the extent of USD 8.91 million approximately under various counts in this civil suit. VetDC has sought actual damages, costs expended, pre and post judgment interest and reasonable attorney fees as reliefs in this civil suit," the filing said.
"We believe that VetDC claims are incorrect and/or are without adequate legal basis. PPS will be addressing this civil suit within the designated time," Piramal Pharma said.
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