INSUBCONTINENT EXCLUSIVE:
MUMBAI: The Bombay Stock Exchange (BSE) has given Mumbai police the derivative trading details on Sun Pharma for the December contract, with
had begun a preliminary enquiry (PE) against Macquarie Group, which circulated an investment note that raised alleged corporate governance
platform.
ET was the first to have reported on the Macquarie note in its edition dated November 29, 2018, explaining the fall in the stock
circulated by Macquarie Group pulled down the share price from Rs 510 to Rs 410 eroding market capitalisation by Rs 20,000 crore in
This gave a massive advantage to short sellers
Apparently, people involved in drafting and circulating the note were successful in their objective to substantially pull down (the) share
related party transactions.
The police probe is focused on whether investment firms or traders colluded with the Australian multinational
independent investment bank that had written the research note
Sleuths have also written to market regulator SEBI, seeking details whether the note, the fall in share prices and potential beneficiaries
The police would convert this into a first information report (FIR) if the initial probe unearths a conspiracy that requires criminal
another official aware of the line of investigation.
Valia has highlighted two instances of factual inaccuracy in the Macquarie note
One pertains to alleged conflict of interest involving Valia and his audit or oversight roles, suggesting corporate governance lapses at Sun
SEBI Appellate Tribunal (SAT) relief
the intent to pull down the share price of Sun Pharma
information, which we are probing
had provided the link to the SAT order
