Suven Life Sciences manufacturing unit gets USFDA approval

Suven Life Sciences has received the US health regulator’s approval for its API manufacturing facility at Pashamylaram in Andhra Pradesh

Hyderabad-based Suven Life Sciences said it has received the US health regulator's approval for its active pharmaceutical ingredients (API) manufacturing facility at Pashamylaram in Andhra Pradesh.

"The United States Food and Drug Administration (USFDA) has classified Suven facility at Pashamylaram as acceptable for manufacture and supply of API and intermediates," the company said in a filing to the Bombay Stock Exchange (BSE).

The approval has been given after renewal inspection of the facility by the USFDA under current good manufacturing practice.

"So far, Suven has filed 16 drug master files and one abbreviated new drug application from this facility," Suven added.

Shares of Suven Life Sciences were being quoted at Rs23.60 in late afternoon trade on BSE today, up 15.12% from their previous close.

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GCPL plans to hike household insecticide product prices

FMCG player Godrej Consumer Products will hike prices of its household insecticide products soon due to high input cost

FMCG player Godrej Consumer Products (GCPL) said it will hike prices of its household insecticide products soon due to high input cost.

"We are taking a price hike soon in the household insecticides category as input cost has gone up. But it is difficult to say by when and how much we are likely to increase," GCPL managing director A Mahendran said.

The company sells household insecticides under the brands GoodKnight, Hit and Jet. It is available in the market under various forms, including coils, liquid repellants. "Raw material prices are escalating," he added.

This is the first time Godrej is taking the price change due to high commodity prices in the household insecticides category. GCPL has increased prices of its soaps by around 3%-5% in January this year due to the surging palm oil prices.

On Tuesday, GCPL shares were trading at around Rs370.50, down 0.48% from their previous close in late afternoon trade on the Bombay Stock Exchange.

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Penalty : Chola General ‘penalised’

A Rs5-lakh fine for violating guidelines on licensing of corporate agents

IRDA has levied a penalty of Rs5 lakh on Cholamandalam General Insurance for violating the provisions of various regulations, guidelines and circulars. This penalty has been slapped on the insurer due to the violation of guidelines issued on licensing of corporate agents which stipulates that if a corporate agent terminates its agreement with one insurer before entering into a corporate agency agreement with another insurer, it has to seek specific written approval of the regulator.

The insurer should also not pay any amount other than the permitted agency commission to the corporate agent as per current guidelines. This is a violation of Regulation 10(1) (vi) (ii) of the Insurance Advertisement and Disclosure Regulations, 2000 which permits a third party to share information about its members and collect compensation based on sales. However, payment of compensation for solicitation by third-party entities is not covered under this Regulation.

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COMMENTS

Nagesh KiniFCA

6 years ago

It is in deed gratifying to see that the insurance regulator is at last barring its fangs rather than acting as a barking dog that is not capable of biting.
Why is IRDA not coming out with something user friendly moves on cashless health covers, more particularly when the Delhi and Bombay HCs have already admitted PILs? Does it require judicial activism to prod IRDA into action?

Insurer

6 years ago

From a Risk Management perspective, the financial risks of losing 5 Lacs is too little to deter any insurer from exercising such mal-practices. IRDA should actually impose meaningful penalties in order to promote regulatory compliance by the insurers who actually want to do the right things.

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