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Divi's Lab CFO Kishore Babu goes on three-month leave after allegations of insider trading

Venkatesa Perumallu Pasumarthy will temporarily handle the non-statutory duties of the CFO.

July 19, 2020 / 03:00 PM IST
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After allegations of insider trading, Divi's Laboratories chief financial officer (CFO) L Kishore Babu has gone on leave for three months.

"L Kishore Babu, Chief Financial Officer of the company is proceeding on leave for a period of 3 months effective from 18 July, 2020, to resolve the allegations of lnsider Trading against him in SEBI's Impounding Order cum Show cause notice," Divi's Laboratories said in a statement to stock exchanges.

Venkatesa Perumallu Pasumarthy will temporarily handle the non-statutory duties of the CFO, the company added.

Market regulator Securities and Exchange Board of India (SEBI) had on July 1 issued a notice alleging insider trading activities in Divi's Laboratories' scrip between July 7 and 10, 2017.SEBI's order stated that Babu and seven others had made gains of around Rs 96.68 lakh in July 2017 from trading in Divi's Laboratories share after accessing information on US Food and Drugs Administration clearance, BloombergQuint reported.