Aurobindo Pharma, Subsidiary Made Party To U.S. Litigation
As per a media report, a bankrupt U.S. drug firm has accused Aurobindo Pharma and its founder PV Ramprasad Reddy of sabotage.
Aurobindo Pharma Ltd. has said the company, its Director PV Ramprasad Reddy and step-down subsidiary Aurolife Pharma LLC have been made party to a litigation proceeding in the U.S.
The company in a regulatory filing, however, said it is yet to receive a copy of the proceeding and denied what it said were 'baseless allegations' against the company.
The company was reacting to a media report as per which, bankrupt U.S. drug firm Aceto Corporation has accused Aurobindo Pharma and its founder PV Ramprasad Reddy of sabotage and has sought damages in a case filed in the U.S.
"On preliminary examination of the complaint, the company has been advised by its legal advisors that the case appears to be devoid of merit and consists of baseless allegations against the company, Aurolife and PV Ramprasad Reddy alleging fraud, negligent misrepresentation and the failure of the company and Aurolife to fulfill their obligations, inter-alia, under a supply contract entered into with the company," Aurobindo Pharma said.
"We deny all the contentions and allegations set out and alluded to in the media report," the company said in the filing.