Ranbaxy, originally promoted by the Singh family, was acquired by Japan's Daiichi Sankyo late last year.
The IPA complaint turns significant in the backdrop of increasing talk about foreign companies buying into Dr Reddy's, Piramal Healthcare and Aurobindo.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms.The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
Although India is the second largest generator of environment-friendly projects, domestic firms, public and private, are shying away from maximising the monetary benefits derived from such carbon emission reductions. The country, which is second only to China in terms of generating of carbon credits through the introduction of low polluting technologies, ranks very low when it comes to encashing of these credits through carbon trading.
The government had removed all directors related to the Raju family from the board of Satyam before it was handed to the Mahindra group.
In a victory for Indian drug companies, patent protection has been refused to Tenofovir, an anti-AIDS medicine of the US-based Gilead Sciences. The decision was taken by the patent office in New Delhi.
No other state has issued a similar order banning new licences to medical shops.
European wind turbine makers interested; deal could be $1 billion. The company aims to raise about $1 billion from the sale of a 61.28 per cent stake, said two banking sources.
The move signals that the ministry has begun to take a tough stand on environmental clearances in ecologically sensitive areas.
Washington-based Pharmaceutical Research and Manufacturers of America (PhRMA), the representative body of US-based drug firms, has said it does not support the seizure of legitimate generic medicines meant for developing country destinations.
Carlos M Correa of Brazil, a patent expert of international repute whose views have been widely quoted by the Mashelkar committee to support its conclusions, has complained of 'misinterpretation' of some quotes from a published article titled 'Integrating Public Health Concerns into Patent Legislation in Developing Countries'.
India emerging as a big global destination for contract manufacturing, unlike R&D outsourcing.
The central government's decision to continue controlling supply of the swine flu drug, oseltamivir, will help the drug innovator, Swiss multinational Hoffmann-La Roche, and its Indian licencee, Hetero Drugs, maintain their effective monopoly in the country, even as the drug lacks patent protection in India, fear domestic industry circles.
The central government's decision to stockpile another 20 million capsules of generic Tamiflu (Oseltamivir) to strengthen its preparedness to fight the H1N1 epidemic has alerted domestic pharmaceutical companies.
Despite the best efforts of Indian vaccine makers to develop the H1N1(swine flu) vaccine, Swiss drug major Novartis and Australian vaccine maker CSL may be the first ones to bag the orders from the central government for its supply.
The change of mind among Indian experts is based on a recent decision of the UK high court.
Pharma industry lauds idea, but suggests looser rules on ground
The government is planning to approach the dispute settlement body of the World Trade Organization against frequent seizure of Indian medicines at various European ports.
Bangalore-based Stempeutics Research received clearance from the Drug Controller General of India to conduct human clinical trials to develop drugs using stem cells. With this, India became the first country after the US to allow human clinical trials to develop drugs by using dormant cells in the body that have natural regeneration capabilities. Once injected into a patient, the stem cells can be controlled with a simple magnet to direct them to the damaged area and cure
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