The Andhra Pradesh High Court reserved orders on whether merger of Sun Pharma company with Ranbaxy should be allowed to continue even as an inquiry into the allegations of insider trading was continuing. The orders would be issued on Saturday.
The vacation judge Justice G. Chandraiah took up the matter following a direction from the Supreme Court that a decision on the issue should be taken by the High Court within two days.
The SEBI council informed the court that an inquiry into allegations of insider trading was continuing. However, the company counsels argued that the companies should be allowed to go ahead with the merger. They argued that allegations of insider trading and the probe were different from the proposed merger scheme. They pleaded with the court to vacate the interim order passed by the single judge.