Corporate governance lapses at Sun Pharma haunt Shanghvi

The man who once challenged Mukesh Ambani for the wealthiest Indian title will have to fight to keep his place in list of top 10 richest Indians

Samar Srivastava
Published: Jan 29, 2019 11:55:05 AM IST
Updated: Jan 29, 2019 12:08:52 PM IST

After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.

g_112587_dilip_sanghavi_280x210.jpgDilip Shanghvi
Image: Vikas Khot

 
Poor corporate governance, adverse observations by the US regulator and a decline in the promoter holding on account of the Ranbaxy deal have resulted in a sharp fall Dilip Shanghvi’s wealth. The man who once challenged Mukesh Ambani for the wealthiest Indian title will have to fight to keep his place in list of top 10 richest Indians. Recent trouble has come in the form of two whistleblower letters that alleged its super stockist Aditya Medisales was not declared as a related party. The company says it plans to scrap the arrangement.

g_112583_sun_downer_280x210.jpg


(This story appears in the 15 February, 2019 issue of Forbes India. You can buy our tablet version from Magzter.com. To visit our Archives, click here.)

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