Court Issues Summons to Ranbaxy, Daiichi Officials - The New Indian Express

Court Issues Summons to Ranbaxy, Daiichi Officials

Published: 20th January 2014 09:00 AM

Last Updated: 20th January 2014 12:00 PM

A local court has issued summons to top officials of Japanese multinational company Daiichi Sankyo and Indian pharma major Ranbaxy on a criminal complaint filed by a co-founder of Zenotech Laboratories, now a Ranbaxy entity.

Jairam Chigurupati approached the court alleging that senior officials and directors of Daiichi and share registrars -- Karvy and ICICI Securities -- acted with malafide intention and transferred his sensitive confidential information and documents to Ranbaxy with the intent to defeat his participation in the Open Offer announced by Daiichi.

He moved the XII Additional Chief Metropolitan Magistrate Court after his complaint in 2010 was "closed" by Hyderabad police contending it to be "civil in nature".

Chigirupati in his petition questioned as to how documents entrusted to Daiichi alone came into the possession of Ranbaxy and alleged that this happened on account of "criminal conspiracy" between officials of the companies.

The court last month, while issuing summons to the accused, said the final report filed by the investigating officer referring the case as civil in nature is not acceptable as it appears that prima facie case is made against the accused.

"That this court satisfied that there are prima facie sufficient grounds to take cognisance against the A1 to A12 and A14 for the offences punishable under sections 120 (B) (conspiracy), 406 (criminal breach of trust)and 409 (Criminal breach of trust by public servant)IPC," the court said in its order.

"In the result, this case is taken cognizance for the offences punishable under sections 120 (B), 406 and 409 IPC against A1 to A12 and A14. Issue summons to the accused A1 to A12 and A14," the court further said.

An email sent to Ranbaxy's spokesperson seeking a response from the company yielded no reply.

K Vivek Reddy, counsel for Chigurupati, said the matter has been posted on February 10 for further hearing.

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