Sun Pharma shares tanked more than 12 percent on Januar 18 after a report on Moneylife magazine alleged corporate governance issues, which likely will attract greater Sebi scrutiny. JN Gupta, a former executive director of Sebi spoke to CNBC-TV18 about the allegations levelled against Sun Pharma.
"The issue is that we do not know the truth. We only know what has been alleging. So it’s a clear cut case where Sebi need to get into details and if at all any wrong doing is found, it is punished as soon as possible and as high as possible,” Gupta said on January 18.
“Today the focus is only on statutory auditors but statutory auditors have a very limited role of 2-3 months in a year or maybe 4 months in a year whereas internal auditors are at 12 month job. Ultimately if there is anything wrong happening in the company, internal auditor must be the first person to know,” he added.
Source: CNBC TV 18
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