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Sun Pharma In The News

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Sun gets another shot in arm in Taro spat

 

Minority shareholders of Taro Pharma, the belea'guered Israeli firm, have expressed their strong disapproval of current chair'man Barrie Levitt and his team by voting against the election of the company's external director-nomi'nees.
 
The shareholders, who represent about 78% of the minority votes cast, are not affiliated to either the Levitts or Sun Phar'ma, which is seeking to take over Taro.
 
A similar number voted against the board's pro'posal to indemnify itself against future developments.
 
This comes after advisor Proxy Governance and Glass, Lewis & Co LLC asked Taro share'holders to vote against the board recently Dilip Shanghvi, chairman and managing director of Sun, said it is clear to shareholders that the Levitts and Taro directors have misappropriated their minority shareholder protection argument to justify all their actions.
 
"With this rejection, the Levitts and Taro directors have lost their only clutch. The Levitts, who own a mere 12% of Taro's equity, should hear the voice of minorities, in whose in'terest they claim to be working," Shanghvi said.