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RiskMetrics Recommends Taro Shareholders Vote Against Taro Board of Directors
Date:12/24/2009

MUMBAI, India, Dec. 24 /PRNewswire-FirstCall/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that RiskMetrics Group's ISS Governance Services (RMG), a leading independent proxy advisory firm, recommended that shareholders of Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF) vote against Taro's board of director nominees for election or re-election as directors, as well as the indemnification proposal for its proposed external directors, in the upcoming Annual General Meeting of Taro's shareholders scheduled for December 31, 2009.

In its report, dated December 23, 2009, RiskMetrics stated that "...with little indication that the company has moved to rectify its continuing problems, and with little information disclosed on the process of solving these problems, RMG now recommends that shareholders reject the entire slate of management candidates." RMG cites the board's "lack of oversight of the financial management of the company, and what has become the routine failure to produce audited financials for the past six years" as reasons why Taro's current board members "do not merit reelection."

Regarding the election of Taro's external director nominees, RMG notes that both nominees "...have past ties to the company" and that "...the existence of these connections raises questions of why a company under such scrutiny would risk the appearance of a lack of independence rather than finding two candidates with no previous ties to the company."

The RiskMetrics report is the third report by an independent proxy advisory firm to recommend Taro shareholders vote against Taro's board of director nominees and vote against Taro's indemnification proposal for its proposed external directors. Glass Lewis and PROXY Governance, Inc. recently issued reports advising shareholders to hold Taro's board accountable for their actions and vot
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SOURCE Sun Pharmaceutical Industries Ltd.
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