Top Menu

Scrutiny Of Indian Issuer Grows

dr.reddy's

There have been several Foreign Corrupt Practices Act enforcement actions regarding conduct in India (see here for some of the actions). Certain of those enforcement actions involved the conduct of Indian subsidiaries of U.S. issuers.

However, it is believed that there has never been an FCPA enforcement action against an Indian issuer.

That may change.

As highlighted in this prior post, in November 2020 Dr. Reddy’s Laboratories Ltd., (an India-based pharmaceutical company with ADRs listed on the New York Stock Exchange) disclosed that it “has commenced a detailed investigation into an anonymous complaint” alleging that “healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of U.S. laws.”

Continue Reading

Indian Issuer Discloses Investigation

dr.reddy's

Dr. Reddy’s Laboratories Ltd., an India-based pharmaceutical company with ADRs listed on the New York Stock Exchange recently disclosed that it “has commenced a detailed investigation into an anonymous complaint.”

According to this filing: “The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of U.S. laws. The investigation is being carried out by a reputed independent U.S. law firm.”

Powered by WordPress. Designed by WooThemes