Madhusudana Rao Divi Retires From Post Of Director, Whole-time Director From Divis Labs
The Indian pharmaceutical giant Divis Laboratories on Monday informed the exchanges that its director as well as whole-time director Madhusudana Rao Divi has tendered his resignation from both posts citing health reasons.
The pharmaceutical company said in a regulatory filing that Madhusudana Rao Divi has expressed his intention to retire in view of his age and health situation and submitted his resignation with immediate effect to the same.
"I have been a Director of the company since October 1994 and have actively participated through the journey of the company and its excellent growth over the last 3 decades Considering my age and health situation, I wish to retire from the Board of the company and hereby tender my resignation as a Director as well as whole-time Director with immediate effect," Madhusudana Rao Divi said in the statement.
Madhusudana Rao further said, "I hereby extend my gratitude to all the members of the Board for the faith and cooperation reposed in me during my tenure. I sincerely wish the promoters, and the Management team all the success in their efforts to take the company to greater heights. I also request you to take all necessary steps such as intimations etc., with the Ministry of Corporate Affairs/ Stock Exchanges to this effect."
The company's stock closed 0.09 per cent lower at Rs 3630.60 per scrip on BSE.
