Zydus Cadila gets final nod from USFDA to market generic seizures drug

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Drug firm on Thursday said it has received final approval from the US health regulator to market generic Lamotrigine extended-release tablets, used to treat certain types of seizures.


The company has received final approval from the United States Food and Drug Administration (USFDA) to market Lamotrigine extended-release tablets USP in the strengths of 25 mg, 50 mg, 100 mg, 200 mg, 250 mg, and 300 mg, said in a statement.



The product will be manufactured at the group’s manufacturing facility at special economic zone (SEZ), Ahmedabad, it added.


The group now has 283 approvals and has so far filed over 386 abbreviated new drug applications (ANDAs) since the commencement of its filing process, said.

UK court dismisses ArcelorMittal’s arbitral award plea against Essar Steel

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A UK court has refused to issue a worldwide freezing order against the parent company of Ltd and members of promoter family – Ravi and Prashant Ruia.


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The order came as steelmaker ArcelorMittal looked to enforce a $1.5 billion arbitral award stemming from a soured supply agreement.


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In an 81-page judgment, High Court Judge Andrew Henshaw on Monday found no merit in the case being brought by ArcelorMittal to enforce a worldwide freeze on Essar’s assets to protect them from “dissipation” while the former pursues parallel legal remedies.


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Reached for comments, ArcelorMittal hinted it may appeal against the judgment while an Essar spokesperson welcomed the decision saying the firm has “consistently argued that the underlying claims of wrongdoing and therefore the applications for the freezing orders were (and continue to be) ill-conceived and without any factual support.”


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“We feel vindicated that the English Court has determined in this regard that ArcelorMittal USA LLC (AMUSA) has no good arguable case to bring before the Court. This Judgement has also vindicated Essar and its founders from any wrongdoing with regard to

Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma

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The resolution plan of Gurgaon-based Dhanuka Laboratories for the revival of Chennai-based debt-ridden Ltd has been implemented, potentially fetching secured lenders around 32.3 per cent recovery. In addition, the secured lenders will also receive around 4,08,164 equity shares at an issue price of Rs 10 each for part of their debt.


Orchid Pharma’s regulatory filing on Tuesday said the paid-up equity share capital of the company has been reduced from Rs 88.96 crore to Rs Rs 40.81 crore, with cancellation of 88.56 million equity shares of Rs 10 each. A meeting of the Monitoring Committee held this week also approved issue of zero per cent non-convertible, non-marketable, cumulative redeemable debentures of value of Rs 3,650 crore to Dhanuka Pharmaceuticals Pvt Ltd – a Special Purpose Vehicle formed by Dhanuka Laboratories Ltd – for subsuming equivalent outstanding debt of by the SPV for consideration other than cash.



The lenders were able to recover around Rs 1,106.50 crore out of the total admitted debt of around Rs 3,526.74 crore, apart from the one per cent shares. Dhanuka will hold around 98 per cent shares following the deal and may

Relief for BSNL, MTNL users: Prepaid validity extended till April 20

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State-owned telecom operators and will extend validity period of their prepaid mobile services till April 20 and offer Rs 10 additional talktime even after zero balance, to enable users, especially poor and underprivileged, to stay connected during the 21-day nationwide


“This will enable poor people make calls for help even if they don’t have any balance left,” Communications Minister Ravi Shankar Prasad said in a tweet.



The minister also took stock of performance of essential services under the Department of Telecom (DoT) and Department of Post, with heads of circles from all states through a video-conference on Monday.


“During the video conference, took feedback on functioning of their essential services during #21daysLockdown from heads of circles of and India Post. Exhorted them to rise to the occasion and set new benchmarks in public service as #IndiaFightsCorona,” the minister tweeted.


In a statement, Bharat Sanchar Nigam Ltd (BSNL) said it will offer free validity extension for prepaid mobile subscribers who were unable to recharge after their validity expired during the period, and also provide free talktime worth Rs 10 to those with zero

Defaulting promoters may get lifeline, lenders may defer pledged share sale

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Several promoter entities that are facing a deadline of March 31 to either repay loans or lose control over their companies, are likely to get a lifeline with public sector lenders planning a “deep restructuring” of their loans.


A banker said loan restructuring may be needed for some firms whose shares have been pledged as security for credit, and are finding it difficult to meet regulator norms like maintaining cover. “But this is not a blanket policy and will be implemented on a case-by-case basis,” he added.



A senior State Bank of India official said whatever changes in repayment done in restructured cases will not be considered as second restructuring. “There is case of disruption for three months due to which lenders may tweak schedules on case-by-case basis,” the official said.


Further, accounts granted relief will undergo supervisory review for justifiability on account of the economic fallout of Covid-19. “The intention is very clear not to push any non-performing asset under the carpet. Wherever there is genuine need, can go ahead with whatever they want to do,” SBI executive said.


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Tea companies may lose Rs 2000 cr this year due to coronavirus outbreak

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in the country maybe heading towards a consolidated loss of around Rs 2000 crore this calendar year as all estates have been shut to contain spread of the deadly


While the estates were initially kept open with plantation argueing that the risk of infection was extremely low on the estates, the call was taken following the announcement of the 21-day shutdown by the government and various state governments passing orders for lockdown.


All of the 1422 registered tea estates and more than 250,000 micro-small planters have stopped production citing safety precautions for workers, unavailability of transport to ferry finished tea and practically no demand either domestically or from importing countries.




“At the moment it is of utmost importance to stop the spread of and estates are thus closed,” Arun Kumar Ray, deputy chairman, Tea Board.


Rough estimates from plantation have pegged production loss in excess of 100 million kg (mkg) across India which is valued at around Rs 2000 crore. Usually, plantation companies in Assam and West Bengal produce around 15 per cent of the total tea during March-April.

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