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| Zenotech moves CLB to oust Ranbaxy-appointed board members |
| Press Trust Of India / New Delhi Jul 09, 2009, 01:05 IST |
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Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
"We have approached CLB for operational mismanagement by Ranbaxy. There are two members on our board, nominated by Ranbaxy, who do not come for any board meeting," Zenotech Laboratories Managing Director Jayaram Chigurupati told PTI.
"We have applied for removal of these members so that we can nominate three independent directors of our own," he added.
The first hearing that came up before the Board was deferred and the next hearing is slated for Friday, a Zenotech official said.
Ranbaxy, which was acquired by Japanese drug company Daiichi Sankyo last year, had picked up 38 per cent stake in Zenotech between October 2007 and January 2008, taking its total shareholding in the firm to 47 per cent.
Officials of both Ranbaxy and Daiichi Sankyo have been made respondents in the case.
Chigurupati claimed that Zenotech has been informing the two Ranbaxy-appointed members for board meetings since January 2009 but they never attend the meetings.
Earlier this year, Zenotech had threatened to take Daiichi Sankyo to market regulator Sebi for not honouring a commitment to make an open offer at a previously agreed price of Rs 160 per share.
While rejecting the open offer price of Rs 113.62 per share made by Daiichi Sankyo for acquiring 20 per cent additional stake in the company, Zenotech had said the offer price of Rs 113.62 was way below the earlier agreed price.
Daiichi Sankyo had to make an open offer for Zenotech after the Japanese firm's acquisition of Ranbaxy Laboratories last year.
In March, Zenotech had said the schedule of open offer by Japanese drug maker Daiichi Sankyo for 20 per cent stake in the domestic entity will undergo a change.
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