Innova Captab, a contract development and manufacturing organisation, has distanced itself from recent raids on Sharon Bio Medicine — a company it acquired last year.
The developments “do not affect its present or future business interests,” Innova told businessline, in a statement. According to a media report late last week, the Enforcement Directorate had reportedly conducted searches at multiple locations including Mumbai and Haryana, involving an investigation into a ₹220-crore bank loan fraud.
Innova Captab said, it “does not have any relationship with the former promoters of Sharon. Sharon is not associated with the recent incidents reported in media and no search operations were conducted at any of the offices or locations of Sharon or Innova Captab. The reported events as stated in news reports pertain to transactions before the acquisition of Sharon by Innova Captab through CIRP process.”
The company clarified that it had acquired Sharon Bio-Medicine on 30th June 2023, “through Corporate Insolvency Resolution Process (CIRP) vide National Company Law Tribunal, Mumbai (NCLT) order dated 17th May 2023.”
Innova had listed on the stock exchanges late last year. Its stock price ended up 4 per cent on the BSE at ₹741.45, on Monday.