Navigation Links
PROXY Governance Recommends Against Taro's Board and Supports Sun

MUMBAI, India, Dec. 21 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that PROXY Governance, Inc., a leading independent proxy advisory firm, recommended that shareholders of Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF) withhold their votes for the re-election of the existing board of directors of Taro and vote against the board's two nominees for external director and against both of the board's indemnification proposals in the upcoming Annual General Meeting of Taro's shareholders scheduled for December 31, 2009.

In its report, dated December 18, 2009, PROXY Governance highlighted the "weak accounting discipline and lack of internal controls" which led to Taro's restatements of its 2003 and 2004 financial results and warned that the "board's continuing failure to file audited financial statements ... should be a far broader concern for shareholders than even the initial accounting irregularities, evidence of an almost unconscionably lethargic board with no visible sense of responsibility or accountability to any of the company's shareholders except, perhaps, the founding family which under Israeli law regularly reappoints most of them."

Observing that the board's current indemnification proposal would explicitly cover the board's failure to provide audited financial statements and other past actions, PROXY Governance concluded "the net effect of the proposal would be ... to transfer liability for their failures from the incumbent directors to the company (and thus the shareholders themselves)."

PROXY Governance described the board's attacks on Sun as "misdirection" and "astonishingly clumsy," recognizing that the price of Sun's tender offer was "simply to fulfill a contractual obligation for the exercise of its option to purchase the Levitt-Moros family's founders' shares." The report further concluded that Sun "may actually have proven itself a better steward of shareholders' interests by repeatedly ... highlighting the ongoing weaknesses of the company's operations."

Sun urges fellow Taro shareholders to consider PROXY Governance's independent advice and vote against the re-election of the incumbent directors and their nominees for external directors and against the board's indemnification proposals by signing, dating and returning their proxy cards immediately.

For questions or assistance in voting or changing their votes, Taro shareholders can contact Sun's proxy solicitors, MacKenzie Partners, Inc., within the U.S. and Canada at 1-800-322-2885 (toll-free) or 1-212-929-5500 (call collect), within Israel at +1-809-494-159 (toll-free) or via email at

About PROXY Governance, Inc.

PROXY Governance, Inc. is an independent and conflict-free proxy advisory firm that helps build long-term shareholder value by providing various proxy advisory services to institutional investors. PROXY Governance's services include high-quality research, independent voting recommendations and a state-of-the-art proxy voting platform known as PROXY Advantage. More information about the firm is available at

About Sun Pharmaceutical Industries Ltd.

Established in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, and orthopedics. The company has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms. More information about the company can be found at


    Uday Baldota
    Tel          +91 22 6645 5645, Xtn 605
    Tel Direct   +91 22 66455605
    Mobile       +91 98670 10529
    E mail

    Brunswick Group for Sun Pharma
    Erin Becker/Nicki Kahner
    +1 212 333 3810

    Arad Communications for Sun Pharma
    Irit Radia

    Mira Desai
    Tel          +91 22 6645 5645, Xtn 606
    Tel Direct   +91 22 66455606
    Mobile       +91 98219 23797
    E mail

    MacKenzie Partners
    Robert Marese
    +1 212 929 5500

    Ashish Contractor
    +1 212 389 1537

SOURCE Sun Pharmaceutical Industries, Ltd.

SOURCE Sun Pharmaceutical Industries, Ltd.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Hill-Rom Announces Corporate Governance Enhancements
2. ASM Recommends Nasopharyngeal Flocked Swabs as the Specimen of Choice for Influenza A Testing (Including H1N1)
3. CDC Advisory Committee Recommends Cervarix To Prevent Cervical Cancer in Girls and Young Women
4. Data Safety Monitoring Board Unanimously Recommends Continuation of Delcaths Phase III Clinical Trial
5. FDA Advisory Panel Recommends Approval of the SEDASYS(R) System
6. HIV/AIDS Research Network Recommends Use of Abbott RealTime Viral Load Test for NIH-Sponsored Clinical Trials
7. FDA Advisory Committee Recommends Approval of Multaq(R) (dronedarone)
8. Task Force Recommends Using Aspirin to Prevent Cardiovascular Disease When the Benefits Outweigh the Harms
9. Independent Data Monitoring Committee Recommends Resuming Enrollment of Non-Squamous NSCLC Patients in the Motesanib MONET1 Trial
10. CHMP Recommends Approval in the European Union (EU) for New Options for Patients With Certain Primary Brain Tumors
11. Arthritis Advisory Committee Recommends FDA Approval of Febuxostat for the Treatment of Hyperuricemia in Patients With Gout
Post Your Comments:
(Date:6/23/2016)... a startling report released today, National Safety Council research ... proven plan to eliminate prescription opioid overdoses. Prescription Nation ... tackling the worst drug crisis in recorded U.S. history, assigned a ... , New Mexico , Tennessee ... failing states, three – Michigan , ...
(Date:6/23/2016)... 2016 Capricor Therapeutics, Inc. ... biotechnology company focused on the discovery, development and ... enrollment in its ongoing randomized HOPE-Duchenne clinical trial ... of its 24-patient target. Capricor expects the trial ... of 2016, and to report top line data ...
(Date:6/23/2016)... , , , WHEN: ... , , , , LOCATION: , , , Online, with ... , EXPERT PANELISTS:  , , , Frost & Sullivan,s Global Vice ... Senior Industry Analyst, Divyaa Ravishankar and Unmesh Lal, Program Manager , ... industry is witnessing an exceptional era. Several new demand spaces, such ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... June 25, 2016 , ... ... recover from injury. Recently, he has implemented orthobiologic procedures as a method for ... is one of the first doctors to perform the treatment. Orthobiologics are substances ...
(Date:6/25/2016)... ... 25, 2016 , ... Conventional wisdom preaches the benefits of moderation, whether it’s ... setting the bar too high can result in disappointment, perhaps even self-loathing. However, those ... goal. , Research from reveals that behind the tendency to ...
(Date:6/24/2016)... ... ... Those who have experienced traumatic events may suffer from a complex set of ... or alcohol abuse, as a coping mechanism. To avoid this pain and suffering, Serenity ... event. , Trauma sufferers tend to feel a range of emotions, from depression, guilt, ...
(Date:6/24/2016)... PASADENA, CA (PRWEB) , ... June 24, 2016 , ... Marcy was in a crisis. ... he would lash out at his family verbally and physically. , “When something upset him, ... table, he would use it. He would throw rocks at my other children and say ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Global law firm ... 2016 Legal Elite. The attorneys chosen by their peers for this recognition are considered ... Seven Greenberg Traurig Shareholders received special honors as members of this year’s Legal Elite ...
Breaking Medicine News(10 mins):