Co moves court over Taro results

MUMBAI: Sun Pharmaceuticals has filed a case against Taro Pharmaceuticals in the Tel Aviv District Court requesting the court to order Taro and its directors to publish the company���s audited financial results. Taro has not published its audited financial statements for 2006 and 2007, which is a violation of the Israeli Companies Law, Sun claimed in its petition filed on May 14.

Sun Pharma and Taro are already involved in a legal tussle over Sun���s proposed takeover of the Israeli firm. The two companies had signed a $454 million merger agreement in May 2007, which Taro broke exactly a year later. The Israeli company claimed that Sun���s offer of $7.75 per share for the promoter���s stake and subsequent open-offer was ���too low���.

Taro filed a case in the Tel Aviv District Court against Sun Pharma which Sun Pharma won.

Taro then appealed to the Israeli Supreme Court for which the judgement is pending.