Sudhir Valia, brother-in-law of Sun Pharma’s Managing Director Dilip Shanghvi, has stepped down from the position of whole-time director but will continue as non-executive director of the company, a regulatory filing said.
The pharma major in a filing on Tuesday said Valia will step down from the position of the company’s whole-time director to non-executive, non-independent director from May 29, 2019.
Asked for the reasons for Valia shifting to a non-executive role, a Sun Pharma spokesperson said: “As his personal businesses are increasingly taking more of his time, he has decided to give up the role of a whole-time director in the company.”
Earlier in January 2019, Sun Pharma had said that it had not given any loans nor guarantees to Suraksha Realty, a company in which Valia is one of the promoters.
Shares of Sun Pharmaceutical Industries closed at Rs 422.85 apiece on the Bombay Stock Exchange (BSE), up 2.41 per cent.