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NCLT approves Dhanuka Labs' bid to take over Orchid Pharma
short by Shruti Maria Mahendar / on Thursday, 27 June, 2019
The National Company Law Tribunal (NCLT) has cleared a resolution plan submitted by Dhanuka Laboratories to acquire cash-strapped drugmaker Orchid Pharma. The lenders will get about ₹1,116 crore, which is lower than Orchid's liquidation value of ₹1,300 crore. The banks, which lent over ₹3,200 crore to the Chennai-based drugmaker, will be taking a haircut of around 65%.
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