Mumbai: The auditors for Indian pharma major
Ranbaxy, now owned by Japan's Daiichi Sankyo, have drawn
attention of the company's board towards remuneration paid to
its former chief Malvinder Mohan Singh and current head Atul
Sobti.
The company has sought shareholders' approval for Singh's
remuneration, which is in excess of the limits permitted by
the rules, and the central government's nod would also be
sought subsequently.
In their review report for the company's financial for
the quarter ended June 30, 2009, the auditors BSR & Co have
submitted to Ranbaxy's board of directors that "attention is
invited" to the remuneration paid to Singh and also to the
appointment and remuneration for Sobti.
The company had sought approval for paying Rs 9 crore and
a host of other benefits for a period of little over five
months to Singh, while an annual remuneration of not more than
Rs 6 crore to Sobti.
Singh resigned as Ranbaxy's Chairman, CEO and MD on May
24, while Sobti was appointed as CEO and MD with effect from
the same date. Singh had assumed the role of Chairman, in
addition to positions of CEO and MD, on December 19, 2008.
"...attention is invited to note 11 of the statement of
unaudited financial results (provisional), wherein it is
stated that requisite approval for appointment and
remuneration paid to Singh as Chairman, CEO and MD for the
period December 19, 2008 to May 24, 2009 is being sought from
the shareholders, the filing added.
Bureau Report
First Published: Friday, September 11, 2009, 21:26