Ranbaxy Board in New Hands

Ranbaxy Board in New Hands Japan's Daiichi Sankyo has taken complete control over India's largest pharmaceutical company Ranbaxy, a company started by Bhai Mohan Singh, and transformed by his son Parvinder Singh. Last year, his grandsons Malvinder and Shivinder Singh sold their entire stake in the company to Japanese pharmaceutical giant.

The Ranbaxy board has been constituted again. Malvinder Singh who was earlier working as the MD and CEO has been removed from company board. . Atul Sobti, will shoulder the responsibility of CEO of the giant drug maker.

Apart from this, Tsutomu Une has been elected the Chairman of the Ranbaxy board.

Balvinder Dhillon as well as Sunil Godwani will not see their names in the list of members of the Ranbaxy board.

When contacted, Atul Sobti stated that Ranbaxy would continue to be a listed company.

He showed a strong belief that the company would be able to reverse forex losses in the subsequent quarter. He further stated that variation in the board were to be made by the board of Ranbaxy and not by Daiichi.

Meanwhile, a Daiichi spokesperson said that the company would not forget Malvinder Singh's contribution.

Stock price of Ranbaxy went up by more than 20% today after rumour of delisting of the company shares from stock exchanges.

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