Vorin Lab MD quits
New Delhi: N Prasad, managing director of Vorin Labs, a subsidiary of Ranbaxy, has put in his papers. Prasad is moving in to head the Hyderabad-based Matrix Laboratories in which he holds a sizeable stake.

The outgoing Vorin MD raised some eyebrows recently when he announced his plans for an open offer to the shareholders of Matrix to acquire an additional 20 per cent stake in the company.

Significantly, Prasad has been at the helm of affairs at Vorin, the Hyderabad-based bulk drug manufacturing subsidiary of Ranbaxy, for quite sometime now, despite his holding equity stake in Matrix.
Back to News Review index page  

Gangopadhyay on Sebi MF committee
New Delhi: S Gangopadhyay, president of the Institute of Company Secretaries of India, has been appointed member of the advisory committee of mutual funds of Securities and Exchange Board of India (Sebi).

The committee will examine emerging trends in the mutual funds industry and propose suitable amendments to the regulations for promoting its growth.

Some of the relevant issues that would be looked into by the committee are initial offer period, time taken for allotment of units and account statements, format for half-yearly disclosures of portfolio, treatment of unclaimed redemption and dividend amount lying with the funds.
Back to News Review index page  

Raunaq Singhs term at Apollo Tyres ends
New Delhi: Apollo Tyres has informed the Bombay Stock Exchange that the present term of appointment of Raunaq Singh as managing director of the company came to an end on 5 March.

His appointment as managing director was approved by the board at its meeting held on 10 June 1996 and by shareholders for a period of five years.

The company has, however, informed BSE that Singh would continue to be a director and non-executive chairman of the board of directors.
Back to News Review index page