Latest News | Piramal Pharma to Pay USD 407,400 to US-based VetDC Inc to Settle Dispute

New Delhi, Dec 6 (PTI) Piramal Pharma on Friday said it will pay USD 407,400 to US-based VetDC, Inc to settle a dispute over rejected batches of a product.

Piramal Pharma Solutions Inc, a unit of the company, and VetDC, Inc have entered into a settlement agreement for an amount of USD 407,400, the drug maker said in a regulatory filing.

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VetDC had claimed damages on account of rejection of certain batches of product manufactured and supplied by Piramal Pharma Solutions Inc.

"While the company continues to believe that its legal stand is appropriate against claims made by VetDC and maintains that it has defence to VetDC's claims of liabilities and damages, in order to solely avoid continued legal costs and uncertainties of protracted litigation, the Company and VetDC have both decided to settle," Piramal Pharma said.

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The company shall have no responsibility for any other costs beyond the amount of USD 407,400, it added.

"This settlement will not have a significant impact on the financial position of the company," Piramal Pharma stated.

Shares of Piramal Pharma on Friday closed 2.59 per cent down at Rs 267 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)