Navigation Links
Sun Pharmaceutical Sends Letter to Directors of Taro
Date:1/11/2010

MUMBAI, India, Jan. 11 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today sent a letter to Directors of Taro Pharmaceutical Industries Ltd. (Taro) regarding the outcome at the Annual General Meeting of shareholders of Taro scheduled for December 31, 2009.

The full text of Sun's letter to Directors of Taro appears below:


    January 11, 2010

    To

    Arye Barak
    Heather Douglas, Esq.
    Prof. Micha Friedman
    Eric Johnston, Esq.
    Prof. Gad Keren
    Myron Strober, CPA

    Taro Pharmaceutical Industries Limited
    14 Hakitor Street
    P.O. Box 10347
    Haifa Bay 26110, Israel
    Fax: 972-4-872-7165

Dear All:

As you know, the Annual General Meeting of Taro Pharmaceutical Industries Ltd. took place on December 31, 2009. The results of the voting show that over 75% of votes cast by Taro shareholders who are not aligned with the Levitt family or with Sun have rejected the continuing control of the Levitt family and their designees to Taro's board of directors. It is now clear that an overwhelming majority of Taro's public shareholders demand a change in the control of Taro and the composition of its board of directors.

Your repeated claims that you initiated and continue to maintain the ongoing legal proceedings against Sun in order to protect this minority are completely untenable. It has been apparent to Sun from the beginning that your real interest in commencing the various litigations on behalf of Taro against Sun was and remains your misplaced and unexplained desire to help only the Levitt family avoid their contractual obligation to sell their shares in Taro to us. Now Taro's public shareholders have come to recognize this fact. These litigations have done nothing to advance the interests of the "silent minority shareholders" of Taro, as you have wrongly claimed, but have instead done them a disservice.

In light of these results, and with any residual sense of your fiduciary duties as directors, we expect that you will now reconsider and reverse your position regarding these actions. Failing to do so, and continuing to provide active support, with Taro funds, to the Levitt family in its attempt to avoid its contractual obligations towards us, will constitute a further breach of your fiduciary duties to Taro as well as its shareholders.

In addition, as our attorneys have confirmed to Taro in the past, please be advised that we will take all necessary legal action to reverse the cynical attempt by the Levitt family to reward you, again with the funds of Taro, for the actions you have taken at their behest by purporting to ratify and expand your indemnification agreements. We are confident that the Israeli courts will reject this unwarranted raid on Taro's treasury.

This letter is delivered without prejudice to any other claim, argument or remedy that we have or may have against you in this or any other matter.


    Sincerely,

    Sincerely yours,
    For Sun Pharmaceutical Industries Ltd.


    /s/ Dilip Shanghvi

    Dilip Shanghvi
    Chairman & Managing Director


    Copy to:

    1.    The Board of Directors
          Taro Pharmaceutical Industries Limited
          14 Hakitor Street
          P.O. Box 10347
          Haifa Bay 26110, Israel
          Fax: 972-4-872-7165

    2.    The Board of Directors
          Taro Pharmaceutical Industries Limited
          Euro Park (Italy Building)
          Yakum Business Park
          Yakum 60972, Israel
          Fax:  972-9-955-7443

    3.    The Board of Directors
          Taro Pharmaceutical Industries Ltd.
          Three Skyline Drive, Hawthorne
          New York 10532, USA
          Fax: 1-914-345-8728

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 www.sunpharma.com

Contacts


    Uday Baldota                          Mira Desai
    Tel: +91 22 6645 5645, Xtn 605        Tel: +91 22 6645 5645, Xtn 606
    Tel Direct: +91 22 66455605           Tel Direct: +91 22 66455606
    Mobile: +91 98670 10529               Mobile: +91 98219 23797
    E mail: uday.baldota@sunpharma.com    E mail: mira.desai@sunpharma.com

    Brunswick Group for Sun Pharma        MacKenzie Partners
    Erin Becker/Nicki Kahner              Robert Marese
    +1 212 333 3810                       +1 212 929 5500

    Arad Communications for Sun Pharma    Greenhill
    Irit Radia / Anat Paz                 Ashish Contractor
    +972-54-6699311 / +972-3-7693333      +1 212 389 1537

SOURCE Sun Pharmaceutical Industries Ltd.

RELATED LINKS
http://www.sunpharma.com

'/>"/>

SOURCE Sun Pharmaceutical Industries Ltd.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. KV Pharmaceutical Amends Agreement to Secure Rights to Gestiva(TM)
2. Elite Pharma Insiders to Reveal Key Survival Strategies for Pharmaceutical Industry in 2010
3. Raptor Pharmaceutical Corp. Announces Publication of Results from Phase 2a Trial of DR Cysteamine for Treatment of Cystinosis
4. Jazz Pharmaceuticals to Present at 2010 J.P. Morgan Healthcare Conference
5. Cephalon Executive Vice President of Worldwide Pharmaceutical Operations Robert Roche to Resign Position
6. Vion Pharmaceuticals Announces FDA Conclusion
7. VIA Pharmaceuticals Receives Delisting Notification From NASDAQ
8. Raptor Pharmaceutical Corp. Announces Closing of $7.5 Million Registered Direct Offering
9. Lilly, Kowa and Kowa Pharmaceuticals America Announce Co-Promotion and Licensing Agreement
10. PDI Announces New Pharmaceutical Services Business Win With a Top 5 Pharmaceutical Company
11. National Pharmaceutical Council Welcomes New Member, Otsuka America Pharmaceutical, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... 5, 2016  Syneron Medical Ltd. (NASDAQ: ... announced today that William Griffing , Chief ... scheduled to participate in the Leerink Partners 5 ... 11, 2016 in New York City ... to meet with the Mr. Griffing and will ...
(Date:2/5/2016)... DUBLIN , Feb. 5, 2016 /PRNewswire/ ... announced the addition of the "Global ... financials" company profile to their offering. ... announced the addition of the "Global ... financials" company profile to their offering. ...
(Date:2/5/2016)... 2016  Zimmer Biomet Holdings, Inc. (NYSE and SIX: ... underwritten secondary offering of 11,027,558 shares of its common ... of Blackstone and Goldman Sachs.  The shares are being ... $96.45 per share. The selling stockholders will receive all ... nor any of its directors, officers or other stockholders ...
Breaking Medicine Technology:
(Date:2/5/2016)... ... February 05, 2016 , ... Steven Tonkinson, 36, of Coconut Grove, ... year since it started in 2003. This year, he ran all 26.2 miles with ... and NBA team the Miami Heat. , This Sunday, while many are watching the ...
(Date:2/5/2016)... Minneapolis, MN (PRWEB) , ... February 05, 2016 , ... ... p.m. at the Day Block Event Center in Minneapolis, Minn. Triumph Over Parkinson’s will ... , Larry Schneiderman, owner of Schneiderman’s Furniture, lives with Parkinson’s disease and is the ...
(Date:2/5/2016)... Toronto, Ontario (PRWEB) , ... February 05, 2016 , ... ... the Scarborough General Hospital Burn Unit, plastic and cosmetic surgeon Dr. Wayne Carman transitioned ... the Scarborough Hospital. He successfully completed his first three-year term as chief and began ...
(Date:2/5/2016)... ... February 05, 2016 , ... Regular gym users know the routine: each ... longer to access the treadmills. It’s a predictable trend. After the excesses of November ... get in shape by joining gyms, starting new walking or running routines, or signing ...
(Date:2/5/2016)... , ... February 05, 2016 , ... Dr. Justin Scott ... their 2nd Annual No Cost Dental Day to individuals in need. The event is ... of this No Cost Dental Day is to provide dental care to community members ...
Breaking Medicine News(10 mins):