The recall is the latest in a series of problems to hit Ranbaxy, which has had all its India factories stopped from sending drugs and ingredients to the United States.
Based on a petition filed by two individual investors, the court on April 25, issued interim 'status quo' orders on the merger process.
US country head, key departmental heads leave; more likely to follow.
Pharma major Ranbaxy Laboratories has set aside Rs 257.4 crore (Rs 2.57 billion) towards the financial impact of a US ban on import of products made at its plant at Toansa.
Competition watchdog says 'high market concentration' in some segments a worry.
The PIL , filed by advocate M L Sharma, sought action against Ranbaxy for allegedly supplying substandard and adulterated drugs
The company buys distressed assets across the globe and turns them around to not only add to its books but also its product pipeline and regions.
Exports from Ranbaxy plants at Toansa and Dewas to Europe will remain suspended as probes are continuing even as Indian authorities have withdrawn the certification of manufacturing standards from one of the units, European health regulator EMA said today.
A day after getting a show-cause notice from the Indian regulator, senior executives from Ranbaxy Laboratories approached the drug controller's office on Tuesday afternoon, it was learnt.
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As per the media report, the US Food and Drug Administration is learnt to have issued a Form 483 to the company's manufacturing facility at Mohali a few months ago after finding deviations from norms during an inspection of the plant.
They seek to profit from big-selling drugs going off-patent this year in the lucrative market.
The capital market regulator has to recover Rs 64.85 lakh (Rs 6.48 million) from Ranbaxy's former independent director V K Kaul and Rs 12.97 lakh (Rs 1.29 million) from his wife Bala Kaul.
Drug major Ranbaxy Laboratories on Thursday said it plans to launch more generic products in the US market with possible marketing exclusivity, while keeping options open for overseas acquisitions to grow its business in various global markets.
Substandard and fake drugs are rampant in India because of the highly fragmented industry.
Sun maintained it would retain the best of both organisations to build a global pharma company.
Consultants are working with various teams on manufacturing, R&D, etc, to assess per-month productivity of each department.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
The comments need to be submitted to the Competition Commission of India within 15 days, along with supporting documents on how the merger can adversely impact the concerned person or entity, the regulator said, while adding that it would not consider 'unsubstantiated objections' to the deal.
Says former Ranbaxy owners concealed critical information on probe by US agencies.
The Ranbaxy experience has made multinational corporations more cautious about Indian acquisitions in general
A source said the competition watchdog would by next month suggest 'structural remedies' that included selling key drug segments as conditions for clearing the country's largest pharmaceutical industry merger.
Japan's Daiichi Sankyo makes Ranbaxy Laboratories an offer it can't refuse -- $4.6 billion for a 50.1% stake in India's largest drugmaker.
For Sun Pharma, it is an astute purchase that it hopes will not only boost its position in India but also globally.
The US Food and Drug Administration has issued two warning letters to Ranbaxy claiming procedural violations at its plants in Dewas and Paonta Sahib in India. Giuliani, a high-profile Republican leader and former US attorney in Manhattan, would provide advice and review compliance issues. Ranbaxy has been accused of selling generic drugs which did not meet FDA standards.
This helps consumers check the authenticity of drugs simply by sending SMSes.
With local companies facing stress in domestic operations, valuations are down.
Many say trend could lead to concerns on manufacturing quality in Indian facilities.
Commenting on the closure of the deal, Ranbaxy CEO Malvinder Mohan Singh said, "The deal has been closed successfully. This puts us well on the path to creating a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders." In June, Japanese firm Daiichi Sankyo had entered into an agreement to buy out the promoters' stake of 34.8 per cent and subsequently made open offer for a 20 per cent stake at Rs 737 per share.
Regulator says fee would enable it to quicken approval process.
This move could cost $299 million a year for Indian pharma players.
Ranbaxy, which is 63.5 per cent-owned by Japan's Daiichi Sankyo Co and gets more than 40 per cent of its sales from the United States, did not immediately respond to a request on Wednesday for comment on the FDA observations.
Stringent regulatory norms and the financial impact of the global credit crisis on some research companies may hurt half a dozen molecules of Indian companies, such as Glenmark, Nicholas Piramal and Ranbaxy Laboratories, that are close to launch, experts and analysts said.
Major Indian drug companies such as Ranbaxy Laboratories, Lupin, Dr Reddy's Laboratories and Glenmark have gone off the beaten track in overseas markets.
Amid reports of a US Congress probe against India's largest drug maker Ranbaxy Laboratories, data show that many leading multinational companies such as Pfizer, GlaxoSmithKline, Novartis and Merck are also under the scanner of the US drug regulator, for more or less similar violations as Ranbaxy is alleged to have committed.
SSTL is the second operator after Vodafone that has approached FIPB for raising FDI limit.
Two years after India entered the product patents regime, the year 2007 saw Indian drug firms striving to shed the copycat image and become innovators with emphasis on research activities even as they resisted moves to include more medicines under price control.
Finance Minister P Chidambaram has asked the Income Tax department to focus on the companies that pay less than effective tax rate of 24 per cent.
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