(Edited) Dr Reddy’s refutes allegations

(Edited part contains information about Dr. Reddy receiving a warning letter from USFDA)

Dr. Reddy’s Laboratories has issued a press release reacting to certain statements that appeared in the certain media on Thursday.

dr reddys logo.jpgMedia writings were in relation to the corporate governance of the company.

The company’s spokesperson said: “Dr. Reddy’s has always adhered to all disclosure requirements both of the Securities and Exchange Commission (SECs) and Indian Stock Exchanges; including accounting practices as per the International Financial Reporting Standards (IFRS) and the Indian Accounting Standards.“

The company added that it wouldn’t further comment on what might be advertorial Press releases by law firms and refutes all allegations.

Warning letter from USFDA

In a separate statement on Thursday, Dr. Reddy said, regarding the media having reported that “Dr. Reddy’s tanks 7% as Lundin Law probes violation of norms, Dr. Reddy has received warning letter from USFDA on Nov 5, probe in DRL concerning possible violation of federal security law”.

Dr. Reddy said that the National Stock Exchange of India, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company.

According to Dr. Reddy’s Laboratories, the company has vide its letter inter-alia stated:

“Dr. Reddy’s has always adhered to all disclosure requirements both of the Securities and Exchange Commission (SECs) and Indian Stock Exchanges; including accounting practices as per the International Financial Reporting Standards (IFRS) and the Indian Accounting Standards. The Company has no further comment on what might be advertorial Press releases by law firms and refutes all allegations.”

 

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