Aurobindo Pharma replaces Chairman & MD, who are implicated in CBI prob against YS Jagan Mohan Reddy.
Aurobindo Pharma has restructured its board replacing its both Chairman and Managing Director with senior officials in the firm. The development comes in the background of two promoters being named in the ongoing investigation against YSR Congress President YS Jagan Mohan Reddy and the company's poor performance in the latest financial year.
As per media report, PV Ramprasad Reddy will relinquish his position as Executive Chairman of the company from June 1 and will continue to be whole time director on the Board. K Ragunathan, an Independent Director, has been appointed as non-Executive Chairman of the board.
Nityananda Reddy relinquished his post as Managing Director of the company to become the Vice- Chairman and a whole time director. N Govindarajan, presently the Chief Executive, will take over as Director and Managing Director of the company. However, the company maintained that the changes were made to bring in more professionalism into the company and have nothing to do with the ongoing CBI probe.
Notably, net sales of the company in Q4FY2012 declined by 7.36% YoY to Rs1170 crore and net profit plunged by 13.6% YoY to Rs108 crore during this period. The key contributing factors for an increase in expenditure for the quarter were a rise in employee salaries, lower dossier income, increase in material costs and a fall in sales from the anti-retroviral products, the company informed in a call with the investors.
View: Change of guard is expected to give positive sentiments among stakeholders.
....more info
Aurobindo Pharma has restructured its board replacing its both Chairman and Managing Director with senior officials in the firm. The development comes in the background of two promoters being named in the ongoing investigation against YSR Congress President YS Jagan Mohan Reddy and the company's poor performance in the latest financial year.
As per media report, PV Ramprasad Reddy will relinquish his position as Executive Chairman of the company from June 1 and will continue to be whole time director on the Board. K Ragunathan, an Independent Director, has been appointed as non-Executive Chairman of the board.
Nityananda Reddy relinquished his post as Managing Director of the company to become the Vice- Chairman and a whole time director. N Govindarajan, presently the Chief Executive, will take over as Director and Managing Director of the company. However, the company maintained that the changes were made to bring in more professionalism into the company and have nothing to do with the ongoing CBI probe.
Notably, net sales of the company in Q4FY2012 declined by 7.36% YoY to Rs1170 crore and net profit plunged by 13.6% YoY to Rs108 crore during this period. The key contributing factors for an increase in expenditure for the quarter were a rise in employee salaries, lower dossier income, increase in material costs and a fall in sales from the anti-retroviral products, the company informed in a call with the investors.
View: Change of guard is expected to give positive sentiments among stakeholders.
....more info