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Indian Court Removes Stay on Sun Pharma’s Ranbaxy Purchase

An Indian court removed the stay on Sun Pharmaceutical Industries Ltd.’s $3.2 billion purchase of Ranbaxy Laboratories Ltd. after putting it on hold to consider a petition alleging insider trading.

The Andhra Pradesh High Court disposed of the stay because India’s capital market regulator is investigating the insider trading allegations, Vivek Reddy, the lawyer for the petitioners, said yesterday. The court in April admitted a writ petition filed by a group of investors seeking a probe by the Securities and Exchange Board of India into any insider trading in Ranbaxy shares before the deal was announced.