The long running battle over the future of Zandu Pharmaceutical Works has been tossed back and forth between India’s Company Law Board (CLB) and Bombay High Court over the past two months.
The dispute centred on a takeover bid by Emami for Zandu, which has been opposed by the co-promoter of Zandu, the Mumbai-based Parikh family. The matter is now to be settled by the Securities and Exchange Board of India (SEBI), after the CLB and high court argued that they had no jurisdiction over the issue.
Zandu has been warding off a take-over bid by Kolkata-based Emami, which bought a 24% stake in Zandu from another co-promoting family, the Vaidyas, in May this year. Emami later announced that it had bought the Vaidyas’ stake through a share purchase agreement, taking its total stake in Zandu to 27.5%.
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