Sun Pharma advises Taro shareholders against voting at AGM

Sun Pharmaceutical has send letters to shareholders of Israel-based Taro Pharmaceutical Industries Ltd urging them not to vote at Taro's annual general meeting as the Taro resolution seeks to reward "independent directors" for their complicity in keeping shareholders in the dark on the goings on in the company.

The letter, signed by Dilip Shanghvi, chairman and managing director of Sun Pharmaceuticals, accuses Taro chairman Barret Levy of trying to distract shareholders' attention from the "all encompassing" protection being proposed to be given to "independent directors." (See: Israeli drug firm Taro sues Sun Pharma in US)

Taro Pharmaceutical Industries Ltd will hold its annual general meeting on 31 December 2009.

Levy, the letter alleged, was trying to pay back the "so-called independent directors" for their complicity in illegally perpetuating control by the Levitt/Moros family over Taro in violation of contracts signed by the family.

"In addition to sending the customary proxy statement with board recommendations on the proposed resolutions, Barrie Levitt, chairman of the board of directors of Taro, has made special efforts in spreading lies and misrepresentations about Sun Pharma with, of course, the overt support of the rest of the Taro board," Sun said in its letter to Taro shareholders.

Reneging on agreement