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Sun Pharma In The News

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Now, Templeton favours Sun as Taro 'deteriorates'

After over two-and-a-half years, there is some good news for Sun Pharma.
 
Franklin Templeton, the mutual fund giant, which has been a co-appellant along with Israeli pharma major Taro Pharma against the Mumbai-based Sun, has de'cided to withdraw the appeal.
 
Sun shares surged Rs 81.85 or 5.62% to Rs 1538.80 on the BSE following the news.
 
Templeton has a 10% stake in Taro and has been supporting the Israeli firm's chairman Barrie Levitt.
 
Levitt is also a controlling shareholder in Taro.
 
Templeton raised serious concerns about Taro's health.
 
"Taro's condition contin'ues to deteriorate in terms of proper corporate governance ...Under these circum'stances, Templeton believes that it must act without delay to enable Taro to emerge prasad
 
from the situation in which it has found itself by removing the barriers for the transfer of control in Taro, for the good of all shareholders," Templeton said while with'drawing from the appeal.
 
Templeton also raised con'cerns over the failure of Taro to publish financial reports for several years.
 
It also objected to the way shareholders are being made to depend on press releases, "which have already been shown to be unreliable".
 
Sun, which has 36% in Taro, hasn't responded to the developments.
 
It has been trying to exercise its option to acquire equity in Taro through arm Alkaloida Chemical Company