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Balrampur, Bajaj Hind deal off
Balrampur Chini has called off the deal it was looking to enter into with Bajaj Hindusthan after initial talks. In a communication to the stock exchanges, Balrampur Chini said “some discussions were held with Bajaj Hindusthan on future business strategies”. It said the promoters had not entered into any agreement with any party for sale of their stake.

RBI moots new norms for pricing loans
The benchmark prime lending rate (BPLR) is set to give way to a new loan pricing regime. Called Base Rate by a committee of the Reserve Bank of India (RBI), it will represent the bare minimum rate below which it will not be viable for banks to lend.

News of the day

Commexes turnover jumps 42% in April-Nov
Turnover of the 23 commodity exchanges in the country surged by 42.63 per cent to Rs 47,29,971 crore till November this fiscal on the back of significant improvement in agricultural and other commodities, the Forward Markets Commission (FMC) said today.
Management

Sun Pharma's US arm facing more trouble

More law firms slap class action suits against Caraco. - Sun Pharma settles patent dispute with Astra Zeneca - Sun Pharma uses own plants for US market after after Caraco trouble - Lawsuit filed against Sun Pharma"s US arm - Sun Pharma, Forest settle US suit on Lexapro - Sun Pharma gets USFDA nod for generic anti-cancer drug - Sun extends Taro open offer to April 17">Sun extends Taro open offer to April 17 There is further trouble in store for Sun Pharmaceutical Industries’ US subsidiary, Caraco Pharmaceutical Laboratories, as more law firms have initiated class action suits against the company. Caraco is already facing regulatory issues in the US. Holzer Holzer & Fistel, a US-based law firm, has announced it would file a class action lawsuit in the District Court at Michigan on behalf of investors of Caraco Pharmaceutical Laboratories. The lawsuit alleges the company failed to disclose problems in complying with certain US Food and Drug Administration (FDA) regulations and misrepresented or failed to disclose material information relating to its efforts to obtain FDA approval for some of its drugs. A Sun Pharma spokesperson did not comment on the proposed legal action against the US subsidiary. A few weeks ago, law firm Izard Nobel LLP had initiated a similar lawsuit, seeking class action status against the company in the same court on behalf of the investors of Caraco. Another law firm, Federman & Sherwood, had also filed a similar case in the same court. Sources said such class action suits to protect investor interests were common in the US and law firms competed with each other to get support of shareholders for fighting cases against companies. On June 25, US marshals seized drug products from the company’s three production facilities in Michigan at Detroit, Farmington Hills and Wixom. Up to 33 different drugs were seized and FDA banned Caraco from manufacturing and selling these drugs in the US until there was assurance that the firm complied with manufacturing standards. The action was followed Caraco’s continued failure to meet FDA’s good manufacturing practices (cGMP) requirements. Sun Pharma, which earns over 10 per cent of its Rs 4,272-crore turnover from business with Caraco, holds a 76 per cent stake in the company.


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