Companies & Sectors
Ranbaxy suspends production of all API’s from Toansa, Dewas plant

Ranbaxy has voluntarily suspended all API shipments from its Toansa and Dewas. This follows suspension of API shipments from its Toansa plant by the US FDA

Pharma company Ranbaxy Laboratories Ltd said it is examining the 'processes and controls' at all its active pharmaceutical ingredients (API) manufacturing and quality units, which has led to temporarily putting on hold shipments from its API facilities of Toansa and Dewas plants.


The announcement comes a month after Ranbaxy had said that the US Food and Drug Administration (US FDA) had notified the company prohibiting it from manufacturing and distributing APIs from its facility in Toansa for FDA-regulated drug products.


In a regulatory filing, Ranbaxy said its decision to examine the processes and controls at all its API manufacturing and quality units was taken as a precautionary measure and out of abundant caution to better allow it to assess and review the processes and controls. The company said it would resume shipments after reassuring them about the processes and controls at these facilities.


A committee of the board has been formed this month as Quality & Integrity Committee to help ensure good governance to all Ranbaxy stakeholders. The principal role of this committee was to offer oversight on its manufacturing and quality operations, systems, organisation and integrity, the pharma company said.


In late January, the company said that the FDA barred Ranbaxy from manufacturing and distributing APIs from its facility in Toansa for FDA-regulated drug products. The Toansa facility was subject to certain terms of a consent decree of permanent injunction entered against Ranbaxy in January 2012.


Supreme Court asks Subrata Roy to appear personally on Wednesday

Supreme Court said, the Sahara group chief has not complied with its order and that is why he was being summoned

The Supreme Court while refusing the plea of Sahara Group chief Subrata Roy seeking exemption from personal appearance before it, directed him to appear on Wednesday in connection with the failure of his companies to refund Rs20,000 crore to investors.


Roy’s plea was mentioned before a bench comprising justices KS Radhakrishnan and JS Khehar which said he has to appear on Wednesday.


Senior advocate Ram Jethmalani, appearing for Roy, submitted that he will make the payment and he may be distanced with personal appearance in the court tomorrow.


However, the bench said Roy has not complied with its order and that is why he was summoned.


The bench had on 20th February come down heavily on the Sahara group for not refunding Rs20,000 crore of investors’ money despite its order and summoned Roy, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of its units, Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) to be personally present before it on Wednesday.


It had allowed SEBI to go ahead with the sale of properties of the group whose sale deeds were handed over to the market regulator to recover Rs20,000 crore.


“Those properties you can sell. We allow you to sell them and recover the money. If they are encumbered properties then you can file criminal case against the company. The case must be brought to a logical conclusion,” the bench had said.


It had raised question on the way the group has been defying its order for the last one-and-a-half years.


The bench had said SEBI can put those properties on auction and get the money after the market regulator had said let the company itself sell the properties and deposit the money.


The apex court in its judgement of 31 August 2012 had directed SEBI to attach properties and recover the money.


Sending a clear message that the court is not 'helpless' in taking action for flouting its directions, the apex court had on 21st November last year barred Roy from leaving the country and also restrained the group from selling any of its properties.



Vaibhav Dhoka

3 years ago

Mr Roy thinks to be above every constitutional body.

Bitcoin exchange Mt Gox goes offline amid insolvency charges

The website of Mt Gox, one of the major exchange for Bitcoin, is not longer online amid reports it suffered a debilitating theft, a new setback for efforts to gain legitimacy for the virtual currency

Embattled Bitcoin exchange Mt Gox has largely vanished from the Internet amid accusations that the exchange is insolvent after a years-long theft that resulted in the loss of hundreds of millions of dollars, says CNET in a report.


According to media reports, the web site for the Tokyo-based exchange has been wiped clean, as has its official Twitter feed. The disappearance of the site follows the resignation Sunday of Mt Gox from the board of the Bitcoin Foundation, a group seeking legitimacy for the currency.


Mt Gox suspended cash withdrawals on 7th February, claiming there was a problem with the programme that powers the currency and allows it to be transferred between users or exchanged for goods and services. The value of the crypto-unit has been falling ever since.


Around midday on Tuesday, a Bitcoin was worth $135, compared with the $522 quoted by the CoinDesk Bitcoin Price Index, which tracks the price of the currency on major exchanges. In January, a Bitcoin was worth more than $900 at Mt Gox, which is one of the world's oldest exchanges for the unit, says a report from


Separately, several Bitcoin exchanges released a joint statement saying that funds under their control are held securely. The Bitcoin operators said they are working to "re-establish the trust squandered" by the failings of Mt Gox, which should not be considered a reflection of the value of Bitcoin or the digital currency industry.


Bitcoin was started in 2009 as a currency free from government controls. It had been inching toward broader acceptance despite wild swings in value in the past year. For most of the currency's history, each digital coin had been worth less than $10.


Last month, Reserve Bank of India (RBI) has cautioned users, holders and traders of virtual currencies (VC) like Bitcoin, Litecoin, BBQcoin and Dogecoin and is examining the legal and regulatory framework of VCs. In a press release, RBI stated that Bitcoin and other VCs are exposed to potential financial, operational, legal, customer protection and security related risks.


Earlier, RBI had said that VC including Bitcoin may pose several other risks to users, including the following:


  • VC being in digital form are stored in digital/electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc. Since they are not created by or traded through any authorised central registry or agency, the loss of the e-wallet could result in the permanent loss of the VC held in them;


  • Payments by VC, such as, Bitcoin take place on a peer-to-peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer problems, disputes and charge backs etc;


  • There is no underlying or backing of any asset for VC. As such, their value seems to be a matter of speculation. Huge volatility in the value of VC has been noticed in the recent past. Thus, the users are exposed to potential losses on account of such volatility in value;


  • It is reported that VC, such as, Bitcoin are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of VC on such platforms are exposed to legal as well as financial risks;


  • There have been several media reports of the usage of VC, including Bitcoin, for illicit and illegal activities in several jurisdictions. The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.


You may also want to read...

Bitcoin: Bit of a Con


Are Bitcoins legal? - A techno-legal perspective-Part1


Are Bitcoins legal? – No protection for users from frauds -Part2


Bitcoins are risky and speculative but not illegal, says BAI


Here’s the secret Web currency


India ranks fourth in Bitcoin-mining malware infected systems





3 years ago

The bubble bursts

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