Billionaire Dilip Shanghvi Resigns as CEO of Sun Pharma Advanced Research Company | Photo credit: BCCL
New Delhi: Sun Pharma Advanced Research Company announced on Tuesday that Dilip Shanghvi has resigned as chief executive of the company. The billionaire expressed his desire to step down and tendered his resignation as chief executive with immediate effect, which was accepted by the board of directors, SPARC said in a regulatory filing.
“It is specified that Mr. Dilip Shanghvi has voluntarily chosen to resign from his position of CEO of the company, among other things, as a measure of good corporate governance and to proactively comply with the requirements of SEBI regulations (Listing obligations and disclosure requirements), 2015, which provides for the separation of the role of Chairman and CEO / Manager of the Company from April 1, 2022 ”, indicates the file.
Shanghvi, however, will continue to be associated with the board of directors of the company in his capacity as a non-executive director and chairman, he added. The company further stated that the board, upon recommendation of the nomination and remuneration committee, has appointed Anil Raghavan as the chief executive officer (CEO) of the company with immediate effect for a term of five years until May 24, 2026. .
Prior to joining SPARC, Raghavan was Managing Director of India and Sri Lanka operations at Quintiles, a global pharmaceutical services company.
For the uninitiated, Sun Pharma Advanced Research Company (SPARC) is a clinical stage biopharmaceutical company. SPARC was formed in 2007 by a spin-off from SUN PHARMA.
The SPARC share price on Wednesday climbed nearly 5% during the day on May 26. At 9:43 a.m., Sun Pharma Advanced Research Company was trading at Rs 235.55, up from Rs 6.75, or 2.95% on BSE. The stock finished at 1.84%, or Rs 4.20 to Rs 233 each. Note that the stock hit a 52-week high of Rs 248 and a 52-week low of Rs 126.00 on May 12, 2021 and May 27, 2020, respectively.