Taro case: US court rules in favour of Sun Pharma
15 July 2010
Ruling in favour of Sun Pharma, a US District Court has dismissed all of Taro claims. However, the Israeli Supreme Court decision is still pending.
According to Mark Mobius, executive chairman of Templeton Asset Management Co, which owns 10 per cent in Taro, said the US court ruling has set a precedent for judgment in Israel. "This judgment is very important for the Sun Pharma acquisition and should be taken very seriously."
Mobius is surprised that the Israeli court hasn't taken a decision till now.
Though initially opposed to the idea of a Sun takeover, Mobius had thrown his weight behind the Indian pharma giant citing Taro's lack of clarity in its financials. Taro is yet to release its audited financial numbers.
In December 2009, Taro said it has completed its audits for years 2004, 2005, and 2006 and that audit for financial years FY07-09 would also be done soon. The Levitt family, which owns controlling stake in Taro, told Mobius that the company was ''doing well operationally and financially''.
CNBC-TV 18 shares with domain-b its exclusive interview with Mark Mobius.