MUMBAI May 24 An Indian court on Saturday
lifted a temporary stay it imposed on generic drugmaker Sun
Pharmaceutical Industries Ltd's $3.2 billion takeover
of Ranbaxy Laboratories Ltd, a lawyer involved in the
case said, paving the way for both companies to complete the
The Andhra Pradesh High Court last month ordered an "interim
status quo" on the deal, pending a decision on a petition for a
probe into alleged insider trading.
The petition was filed in late April by two individuals who
requested that the court ask the market regulator SEBI and the
two main stock exchanges to halt the deal and order a probe.
"The court has vacated the stay order on the deal," Vivek
Reddy, lawyer for the petitioners, told Reuters.
Ranbaxy shares jumped 24 percent and trading volume tripled
in three sessions ahead of the companies' announcement on April
7 that Sun Pharma would buy the loss-making company from Japan's
Daiichi Sankyo Ltd.
Sun Pharma declined to comment when contacted by Reuters,
while Ranbaxy spokesmen did not immediately respond to an email
(Reporting by Himank Sharma and Zeba Siddiqui; Editing by Ron