Sebi on Monday barred API manufacturer Par Drugs and Chemicals from going ahead with the proposed slump sale of its core business to a promoter-related entity, citing prima facie irregularities in valuation, shareholder communication and voting process.
In an interim order, Sebi restrained the Vadodara-based Par Drugs and Chemicals Ltd (PDCL) from executing the Business Transfer Agreement (BTA) signed on February 14, 2025, with Phal-Jig Fine Chemicals Pvt Ltd (PJFCPL) for Rs 95 crore.
The buyer firm is part of PDCL's promoter group, as per the order.
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