Drugmaker Elder Pharmaceuticals Managing Director and Chief Executive Officer Alok Saxena has passed away plunging the debt-ridden drugmaker into greater uncertainity.
It was the last intimation by Elder to the BSE on its financials.It had an unpaid debt of around Rs 1,000 crore as on end of June 2014. Trading of its shares has been suspended on the bourses.
Indian drug regulatory authorities have ordered Ahmedabad-based drug maker Torrent Pharmaceuticals to recall a batch of its popular calcium tablet 'Shelcal 500', which accounts for more than half of the entire market for 500 mg calcium carbonate and Vitamin D3 combinations.
On Monday, the Company Law Board dismissed an application filed by Elder Pharmaceuticals seeking extension of time for repaying the dues to its fixed deposit holders. In March, the board had allowed the company time till May to repay its creditors who had put money in its fixed deposit schemes.
Elder Pharma — the debt-ridden Mumbai-based drug maker — is not complying with the Supreme Court order to file a detailed proposal to refund depositors money, several investors told ET.
Paris-headquartered EOS imaging has successfully installed its new imaging system at Kudanzaka Hospital in Japan. This installation is expected to provide a beneficial opportunity to more than 1,000 patients per year who undergo spine surgeries in Japan.
Elder PharmaceuticalsBSE 12.69 % today said its board will meet next week to consider sale of company's overseas subsidiaries.
Elder Pharmaceuticals shares surged as much as 16.41 per cent in the early trade on Thursday after the company informed BSE that it is mulling options to sell its overseas subsidiaries. At 10.04 am, the scrip was trading 13 per cent up at Rs 113.90. Sensex was down 0.34 per cent at 25,736.24.
Facing a severe financial crunch, Elder PharmaBSE 20.00 % today said it is in the process of restructuring as a whole and is in an advanced stage of discussions with prospective lenders.