AMN
According to reports, ED has arrested Sarath Reddy, director of Aurobindo Pharma, under the money laundering act in the now scrapped Delhi Excise policy case.
Shares of Aurobindo Pharma tumbled over 6 per cent to a low of Rs 465 on the BSE in Thursday’s intra-day trade following reports of arrest of its director Sarath Reddy under sections of the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate (ED).
The ED has arrested Sarath Reddy and another company executive linked to liquor trade in the money laundering investigation being conducted by it into the now scrapped Delhi Excise policy case, official sources said Thursday.
According to the company, P. Sarath Chandra Reddy, Whole Time Director / Promoter Group of the Company has been arrested by Enforcement Directorate. The Company is in the process of ascertaining further details and will do further disclosures as appropriate, it said in an exchange filing.