Aurobindo Pharma says Director P Sarath Chandra Reddy arrest no way connected with operations
Sarath Reddy was allegedly instrumental in the cartelisation of licenses and played a role in moving alleged kickbacks in the entire liquor licensing process.
Hyderabad: Aurobindo Pharma on Thursday clarified that the arrest of its Director P. Sarath Chandra Reddy by the Enforcement Directorate in connection with money laundering probe into the alleged irregularities in the now-scrapped liquor policy of the Delhi government, is in no way connected with the operations of the company.
Hours after the ED announced Reddy's arrest, the Hyderabad-based company issued a statement that the arrest is no way connected with the operation of Aurobindo Pharma Ltd or its subsidiaries.
"Further to the disclosure of even date, the company further learnt that the arrest of Mr. P. Sarath Chandra Reddy, Whole Time Director/Promoter Group of the Company is not in any way connected with the operations of Aurobindo Pharma Ltd or its subsidiaries," reads the brief statement released by Aurobindo Pharma, a major player in the generic drugs market globally.
Besides Sarath Reddy, the ED also arrested Benoy Babu, General Manager, International Brands, Pernod Ricard, which markets premium liquor brands.
The ED produced both Sharat Reddy and Binoy Babu in a CBI special court. The court granted permission to the ED to hold the accused in their custody for seven days for further questioning in the case.
Sarath Reddy was allegedly instrumental in the cartelisation of licenses and played a role in moving alleged kickbacks in the entire liquor licensing process.
Benoy Babu was allegedly part of the cartelisation process. He had allegedly given 29 out of 31 licenses to retailers.
Read also: Breaking news: Aurobindo Pharma Director arrested in Delhi Excise Policy money laundering case
Aurobindo Pharma Limited is a global pharmaceutical company headquartered in Hyderabad, India. The Company develops, manufactures, and commercializes a wide range of generic pharmaceuticals, branded specialty pharmaceuticals, and active pharmaceutical ingredients globally in over 155 countries.
The company has 27 manufacturing and packaging facilities that are approved by leading regulatory agencies, including USFDA, UK MHRA, EDQM, Japan PMDA, WHO, Health Canada, South Africa MCC, and Brazil ANVISA. The company's product portfolio is spread over 7 major therapeutic/product areas encompassing CNS, Anti-Retroviral, CVS, Antibiotics, Gastroenterological, Anti-Diabetics, and Anti-Allergic.
