Piramal Pharma said that it would settle a dispute over rejected product batches by paying USD 407,400 to VetDC, Inc., a US-based company.
The pharmaceutical business announced in a regulatory filing that it has reached a settlement agreement with VetDC, Inc. for USD 407,400 with its subsidiary, Piramal Pharma Solutions Inc.
Due to the rejection of specific product batches produced and delivered by Piramal Pharma Solutions Inc., VetDC had filed a claim for damages.
"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 stated.
It further said that the business will not be held accountable for any further expenses over USD 407,400.
"This settlement will not have a significant impact on the financial position of the company," said Piramal Pharma.
Piramal Pharma's stock fell 2.59% on Friday, closing at Rs 267 per share on the BSE.
