India, Aug. 7 -- Mehul Madhusudan Shah, founder, promoter, chairman and managing director of pharmaceutical company Encube Ethicals, and his wife Niti Shah have acquired a luxury apartment in the Juhu locality for Rs.106.52 crore. The purchase is on the same plot that once housed Centaur Hotel, later renamed Tulip Star, which closed down years ago due to severe financial liabilities and multiple legal disputes.

The purchase of this apartment and Shah's company's decision to go public unfolded simultaneously. On August 1, Encube Ethicals that deals with topical formulations serving patients and leading pharmaceutical brands around the world filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI...