ManagementZenotech moves CLB to remove Ranbaxy-appointed board members
Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
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"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 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 share holding to 47 per cent in the firm.
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.