Vijay Mallya Steps Down As Sanofi India Chairman

By Staff Writer

Mar 25, 2016 06:48 AM EDT

Vijay Mallya revealed on Wednesday that he will step down as chairman of Sanofi India and would not assume re-election being the director of the drug maker.  This came after a month where he signed a deal with Diageo to retire as United Spirits Ltd. chairman.

Based on The Economic Times report, in December 1973, Mallya became the company's director formerly known as Hoechst Pharmaceuticals and since December 1983 became the Chairman of the Board. He sent a message to the SIL Board of Directors saying that, "I have been privileged to preside over the Board of this Company, which started as Hoechst Pharmaceuticals, and to have participated in its phenomenal growth and prosperity over such an extraordinarily long period of time." He further added, financially strong but with an impeccable track record. It is gratifying to me that the Company continues to serve needy patients in India with world-class medication whilst ensuring consistent returns to all stakeholders."

One of the reasons for his move is that he wants to spend more time in England where his children are together with the firm's Diamond jubilee which signifies two important milestones.  Sanofi India said that it has accepted Mallya's decision.

Sanofi India's Board of Directors has suggested to the shareholders that a resolve be passed for the election of independent directors to the Board namely Aditya Narayan and Usha Thorat, who will serve a term of five years starting the end of April this year. The Sanofi India Limited (SIL) Board bespoke Aditya, 64, to be the next SIL Chairman, if he is elected as the independent director at the Annual General Meeting, reports International Business Times.

Meanwhile, Mallya has been ordered by Enforcement Directorate (ED) to make himself present before its investigating officer on April 2 in Mumbai in association with its money laundering investigation in the over Rs 9000 crore IDBI loan fraud case, moneycontrol reports.

Vijay Mallya is sure to step down as Chairman of Sanofi India Ltd. and will no longer seek re-election. He stated that he want to spend more time in England closer to his children. The Board will present a resolution by the electing independent directors that will serve a five-year term starting April 30, 2016.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics