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Ranbaxy is the parent company of Solrex Pharmaceuticals Limited and holding company of Rexcel Pharmaceutical Limited. Solrex is a company directly under the control of Ranbaxy.
V.K. Kaul [Ranbaxy] v. Adjudicating officer, SEBI
On the basis of alerts in BSE & NSE during March 17, 2008 to April 9, 2008, the SEBI took up joint investigation in the dealings of the scrip of Orchid Chemicals and Pharmaceuticals Ltd. (the target company). Solrex made large investments in the scrip of the target company from March 31, 2008 onward. It was noted that Mrs. Bala Kaul, wife of Mr. V. K. Kaul, had traded in the scrip of the target company ahead of large investments made by Solrex in the scrip of the target company. The funds for the said trading were provided by Mr. V. K. Kaul and trading was done through Religare Securities Limited, who is also the stockbroker of Solrex.
Mrs. Bala Kaul bought a total of 35,000 shares at an average price of Rs. 131.71 on 27th and 28th March 2008 and sold them on April 10, 2008 at an average price of Rs. 219.94. This trading was allegedly done on the basis of Unpublished Price Sensitive Information (UPSI) available with Mr. V. K. Kaul to the effect that Solrex is going to invest large amounts in the scrip of the target company.
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