"Company's whole-time Director, Manoj Jain, has been remanded to police custody in connection with a drug seizure case...As a matter of abundant caution pending investigations, the company is accepting his resignation from the board of directors with immediate effect," Avon Lifesciences said in a BSE filing.
Once the investigations are complete, the company will review his re-appointment, based on facts that would emerge at an appropriate date, it added.
Shares of Avon Lifesciences remain flat at Rs 13.85 per scrip in afternoon trade on BSE.
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