The Mint Report for 22 September

The Mint Report for 22 September

On Wednesday Sun Pharma announced it had finished acquiring a controlling stake in Israel-based Taro. Sun paid around $39 million to pick up an extra 12.7% stake from Taro’s founding family. It now owns 48.7% of the firm. Sun’s latest move came soon after an Israeli court ruling in its favour. That decision cleared the way for Sun to buy the stake from the founders. Sun and Taro had been locked in a legal dispute since 2007.

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Things have only become worse for the organizers of the Commonwealth Games. Participating countries including New Zealand, Australia and Canada have indicated they could withdraw from the Games if the housing complex and other facilities are not cleaned up. And to add to the woes, a section of false ceiling at the main stadium fell on Wednesday, though no one was reported hurt. The previous day a footbridge being built near the stadium collapsed, injuring 27.

Delhi chief minister Sheila Dikshit was in damage control mode on Wednesday. She conceded that preparations for the games were not satisfactory but but said problems could be overcome. India’s opposition parties have already asked Prime Minister Manmohan Singh to intervene to make sure the Games go off smoothly.