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Business: Pharmaceutical company Wockhardt has issued a response to the allegations leveled by the main opposition party Congress. The company has termed all the allegations as baseless and misleading and has assured the shareholders that it follows all the rules and regulations properly.
The company sent a response to the stock markets
Wockhardt has sent its statement along with a regulatory filing to the stock markets in response. In the statement, Wockhardt denied the allegations related to the payment of rent made by its associate company Carol Info Services Limited. The company also rejected the linking of it with the order given by market regulator SEBI. After the allegations of Congress, the shares of the pharmaceutical company had declined on Friday.
The company assured its shareholders
The company said in its statement- We completely reject all the allegations in this regard and say that all the allegations are completely baseless and misleading. The company also tried to reassure its shareholders. It said that it is fully committed to comply with all the legal conditions applicable to it and will continue to work within the ambit of the law in future as well.
These allegations were made by Congress
This statement of Walkhart comes after the allegations made by Pawan Khera, head of the media and publicity department of the Congress, on Friday. Pawan Khera had alleged that SEBI chairperson Madhabi Puri Buch received about Rs 2.17 crore as rent from a company named Carol Info Services Limited, a company linked to Walkhart, during FY 2018-19 to FY 2023-24, when she was first a full-time member of SEBI and later became the chairperson. He also added that Walkhart was under investigation by SEBI in 2023 regarding various matters.
Lower circuit on shares after allegations
The allegations made by Congress had an impact on the shares of Wockhardt. On Friday, the shares of the pharmaceutical company had hit a lower circuit. The shares of Wockhardt fell 5 percent to close at Rs 1,034.55. Before the allegations surfaced, the shares of Wockhardt were trading near their 52-week high.
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