ED seeks details on Ranbaxy’s UK-based arm

New Delhi, Aug 24: THE Enforcement Directorate (ED) has sought details from financial institutions (FIs) and brokers on the reported financial irregularities in pharmaceutical major Ranbaxy Laboratories Ltd’s UK-based subsidiary.

Replying to a question raised in the Parliament about the company’s reported financial irregularities, minister of state for finance Gingee Ramachandran said, “Enforcement Directorate had called for details from the relevant financial institutions and brokers.” Ranbaxy maintained that it had not received any communication from the Enforcement Directorate in regard to Ranbaxy UK Ltd, its wholly-owned subsidiary.

Admitting certain discrepancies in Ranbaxy UK’s sale and distribution operations, the company clarified in a statement that these irregularities were confined to transactions pertaining to its UK operations alone. “The irregularities in Ranbaxy UK were confined to transactions pertaining to UK operations alone and such transactions are not connected with Ranbaxy Labs in any way whatsoever,” the company said here.

Ranbaxy said the regional management in UK had investigated the matter and taken effective steps and practically recovered the entire amount involved.

(PTI)