Trouble for India’s Sun Pharma at Taro EGM
India’s Sun Pharma (BSE: 524715), which has earlier faced opposition from minority shareholders at its Israeli partly-owned subsidiary Taro Pharmaceutical Industries, has trouble brewing at an extraordinary general meeting. The stock was down 1% at the end of trading day.
Two of its minority shareholders, BlueMountain and IsZo, who together own 4% in Taro, have alleged that certain incumbent directors have failed to address corporate governance issues adequately.
Along with fresh election of external directors, the EGM is scheduled to discuss the approval of Taro's compensation policy, and a relook into the approval of compensation to three of its officials - chairman Dilip Shanghvi, chief executive Kalyan Sundaram, and director Sudhir Valia.
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