The Hindu Business Line : Nicholas Piramal recasts board

There has been a change in the erstwhile 12-member-board of drug-maker Nicholas Piramal India Ltd (NPIL), reflecting the streamlining of businesses in the Piramal family.

Ms Urvi A. Piramal, a family member who has been on the board of NPIL since 1988 has stepped down. Her son Mr Harsh A. Piramal, a non-working Director of NPIL since June 2004, has also submitted his resignation as a member on the board of the company, the company told the Bombay Stock Exchange.

In May last year, Mr Ajay Piramal, Chairman of NPIL, had resigned from two other family-run companies under Ms Urvi Piramal's management control, a company official told Business Line. The streamlining of businesses was to "clarify management accountability and responsibility," the official said. These are all separate companies and there are no cross-holdings, the official added.

The two companies Mr Ajay Piramal resigned from last year are Peninsula Land Management Company (the merged entity of Morarjee Realities and Piramal Holdings), which is headed by Mr Rajeev Piramal. The other company is Morarjee Mills, in the textiles business and run by Mr Harsh Piramal.

The retail, real estate and textiles business would be under the Urvi Piramal-umbrella, while Mr Ajay Piramal will run pharmaceuticals, glass and financial services segments. Recently the financial services arm launched its real estate fund, IndiaReit.

Meanwhile, Mr Ajay and Dr Swati Piramal's daughter, Ms Nandini Piramal, has joined the company in New York, as a general manager in the strategic marketing and contract research and manufacturing space, a segment that is expected to drive NPIL's growth plans.

Other board changes in the company, include the resignation of Mr G.P. Goenka, who has been on NPIL's board since 1986.

Mr Vijay Shah, Executive Director with NPIL since 1997 has stepped down from the board to assume responsibilities as Managing Director in Gujarat Glass Pvt Ltd — a member of Piramal Enterprises. Mr Keki Dadiseth, an Additional Director effective from December 2005 has been appointed as a Director of NPIL at the company's recent Annual General Meeting. Mr Michael Jude Fernandes, appointed as an Additional Director effective from January 19, 2006, has been re-appointed as director and in the whole-time employment of NPIL, designated as Executive Director - Custom Manufacturing Group, the company said.

Nicholas Piramal shares remained flat on the BSE at Rs 183.50

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