Sun Pharma has made some allegations against Moneylife. For clarity and transparency, here is a statement by Moneylife.
Moneylife has written has three articles on Sun Pharma which are in the public domain.
These are based on two voluminous documents that have already been submitted by a whistleblower to the Securities and Exchange Board of India (SEBI). Following the first document, the SEBI chairman has already confirmed that it is investigating the matter.
For every article, consistent with journalistic norms, we have asked Sun Pharma for its comments.
As journalists, we have naturally published information that would be of interest to readers and to the public at large, especially when we were privileged to have access to it. These had distilled the information available in the whistleblower's report for easy understanding by all—especially small investors.
However, institutional investors naturally wanted more granular information. So, in the best traditions of transparency and public interest, we have decided to allow institutional investors to look at the documents available with us, purely in public interest.
However, we also received requests from brokerage firms and even a human rights NGO (non-government organisation) from Delhi and allowed all those who asked to see the papers to look at them.
So the allegation about selective disclosure are completely false.
Companies, traditionally, have conference calls and conferences only for institutional investors and analysts. Sun Pharma had a conference call in December as well when this story first broke. So it hardly makes sense for a publicly-listed entity to make such claims.
If Sun Pharma believes that these whistleblower documents should be fully in the public space, SEBI should be the body to make them public.
Statement by Sun Pharma
We wish to bring to your kind notice an alleged second whistleblower complaint filed against our Company, which we learnt from a
media report on January 15, 2019.
We also learnt on November 30, 2018, from a media report that a whistleblower complaint was filed against the company. The said whistleblower documents and other confidential emails are being offered for inspection to institutional investors by one media house as per the above report, which again we are not privy to.
In these circumstances, there is a great asymmetry in the information circulating between analysts, investors and media leading to intense speculation. The availability of information contained in the whistleblower documents to a set of selective investors does put other investors including retail investors in a disadvantageous position. We are concerned that certain entities/individuals are adopting unfair trade practices prejudicial to the interest of shareholders and other stakeholders.
It is evident from the fact that shareholders value has been drastically eroded within a short span of time due to unsubstantiated complaint/allegation against the company and mala fide campaign launched by certain media houses.
We request your office to examine the matter in its entirety, and the role of some media houses and other stakeholders.
SATYAM COMPUTER IS EXAMPLE WHERE LALA JI WAS THRIWN OUT N BANNED
The mess is yet to come the share has gone record 370 .These people should have concern about public money n faith .
The CMD should come with revelation about shady personal nvestment done at the cost of public money .
The 2nd time share crash n lack of clarity from CMD put big question mark on his image means to say this is just a tip of iceberg for future disaster .
My opinion is to sell the equity immediately to invest with loyal n ,sustained stock
"Behind every Great Fortune, there is a Crime" - Mario Puzo .
Sun Pharma’s Mr.Dilip Shanghvi is one of the Richest Billionaire in the world. To err is human. Hope Mr.Shanghvi introspect and admit to the mistake if he has committed one (knowingly or unknowingly), pay the penalty which could be just a fraction of the huge fortune that he has built with tremendous hard work and just move on.
Instead of shooting the Messenger, Mr.Shanghvi as part of Corporate Social Responsibility should help Moneylife in their noble endeavor to clean India’s financial System.
Don't claim the moral high-ground when it's clear you have erred this time. Who will compensate for the shareholders loss??
You should also clarify if you directly or indirectly had any conflict of interest also in publishing this story. Did you or the persons you shared the story with, directly or indirectly had short positions in the stock in F&O.
MoneyLife is the one who should be investigated here.
disc - proud shareholder of Sun
> ML always educating the investors to avoid the mistakes and creating the awareness of investment.
If we lose the money, we cry and blame the media or others who are involved for exposing the facts.
For not making those 2 articles public, I'm assuming there would be a huge cost for getting all this information so obviously, they have to recover it some way. And to be fair, that's the case with magazines as well. To buy the content of a particular magazine, you have to buy it.
And I agree that they should have shared the report with the retail investors. Or at least shared that whoever wanted the access to the report, can mail to their ID.
If you are interested, call our office on Monday and take an appointment to view the documents.
Don't claim the moral high-ground when it's clear you have erred this time. Who will compensate for the shareholders loss??
You should also clarify if you directly or indirectly had any conflict of interest also in publishing this story. Did you or the persons you shared the story with, directly or indirectly had short positions in the stock in F&O.
MoneyLife is the one who should be investigated here.
disc - proud shareholder of Sun