NEW DELHI: Markets regulator Sebi has strongly "censured" Astrazeneca Pharma India Ltd 's promoter and Elliot Group for professional misconduct and following unfair trade practices during the company's delisting plan in 2014.
The regulator, in a 65-page order, said that Astrazeneca Pharma India Ltd's (AZPIL) promoter AstraZeneca Pharmaceuticals AB Sweden (AZPAB), and Elliott Group, which held 15.52 per cent stake in the company, had a 'private arrangement' to sail through the delisting process.
Sebi said it "strongly censure the noticees (AZPAB and Elliott Group) for displaying such gross professional misconduct and fraudulent trade practice and trying to arrive at a private arrangement amongst them so as to help the company sail through the delisting procedure".
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