CAIT urges SEBI to stop PharmEasy's IPO
New Delhi
10-December-2021

photo:IANS
The Confederation of All India Traders on Friday wrote to the Securities and Exchange Board of India urging the marking regulator not to allow e-pharmacy firm PharmEasy's initial public offering.
"The business model of 'PharmEasy' which is controlled by 'API Holdings' is entirely based on gross illegality," the traders' body said in a statement.
Citing a Delhi High Court order passed in 2018, the traders' body said that sale of medicines over the internet is not allowed.
API Holdings, the parent company of the e-pharmacy firm PharmEasy has reportedly filed the 'Draft Red Herring Prospectus' to the market regulator recently.
"We believe that investor wealth worth billions is at stake if this IPO is approved by SEBI. We are sure that it will receive your kind and immediate attention," the statement added.
In addition, the traders' body alleged that the Pharmeasy has mentioned Thyrocare as its subsidiary in the DRHP submitted to the SEBI, without any order from the Competition Commission of India, whcih prevents activities that potentially may have an adverse effect on business.
The South Chemists and Distributors Association had also submitted a letter to the SEBI with requests on the same line. -IANS
Watch This TWL Video
More Headlines
Drone Spotted, Panic in Lahore as Explosions Erupt Near Military Zones
High Alert Sounded In Rajasthan Border Districts, Leaves Of Govt Employees Cancelled
14 Pakistani Soldiers Killed In Twin Baloch Liberation Army Attacks In Balochistan
'The Hitman' Retires From Longest Format: Rohit Sharma's Roller-Coaster Ride In Test Whites Ends
Will Wrap Up Tensions If India Backs Down, Says Pak Defence Minister Khawaja Asif
Drone Spotted, Panic in Lahore as Explosions Erupt Near Military Zones
High Alert Sounded In Rajasthan Border Districts, Leaves Of Govt Employees Cancelled
14 Pakistani Soldiers Killed In Twin Baloch Liberation Army Attacks In Balochistan
'The Hitman' Retires From Longest Format: Rohit Sharma's Roller-Coaster Ride In Test Whites Ends
Will Wrap Up Tensions If India Backs Down, Says Pak Defence Minister Khawaja Asif