Piramal Pharma to pay USD 407400 to resolve dispute with VetDC
Mumbai: Through a recent BSE filing, Piramal Pharma has informed that it has agreed to pay USD 407,400 to US-based VetDC, Inc to settle a dispute over rejected batches of a product.
Piramal Pharma Solutions Inc, wholly owned subsidiary of the company, and VetDC, Inc have entered into a settlement agreement for an amount of USD 407,400.
VetDC had claimed damages on account of rejection of certain batches of product manufactured and supplied by Piramal Pharma Solutions Inc.
"While the company continues to believe that its legal stand is appropriate against claims made by VetDC and maintains that it has defence to VetDC's claims of liabilities and damages, in order to solely avoid continued legal costs and uncertainties of protracted litigation, the Company and VetDC have both decided to settle," Piramal Pharma said.
The company shall have no responsibility for any other costs beyond the amount of USD 407,400, it added.
"This settlement will not have a significant impact on the financial position of the company," Piramal Pharma stated.
In October, Piramal Pharma had recorded a more than fourfold rise in consolidated net profit, reaching Rs 23 crore for the second quarter ending in September.
Piramal Pharma Limited (PPL) offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization; Piramal Critical Care (PCC), a Complex Hospital Generics business, and the India Consumer Healthcare business selling over-the-counter products.
Read also: Piramal Pharma Solutions plans to expand Lexington facility with USD 80 million investment
