| India's largest drugmaker Ranbaxy Laboratories reported a consolidated net loss of Rs 951 crore for the financial year ended December The net loss for the year was 4% higher than the unaudited consolidated annual net loss of Rs 914 crore, announced in January. Hit by foreign exchange losses, ban on 30 drugs in the US and adoption of a new accounting standards, it had recorded one of its worst performances in 2008. Ranbaxy's scrip rose 4% to Rs 164.35 at the Bombay Stock Exchange (BSE). Under the audited figures, net sales were 6% higher at Rs 7,295 crore compared to the unaudited financials. Ranbaxy has also appointed corporate lawyer Percy Shroff as an independent director on the board. "The board of directors of the company, at its meeting held on March 27, approved the appointment of Percy Shroff as a director (independent) of the company in the casual vacancy caused by the resignation of Harpal Singh," it informed the BSE on Friday. Ranbaxy's CMD Malvinder Singh told ET: "We have appointed BSR & Co, the Indian affiliate of KPMG, as our auditor as KPMG is the global auditor of our parent company Daiichi Sankyo." The drugmaker has also sought a waiver from the central government for the excess managerial remuneration paid last year. As per the previous auditor, Ranbaxy paid Rs 27.7 crore as managerial remuneration to its directors in 2008, which was in excess of the limits under the Companies Act. Had the company accounted for the remuneration in accordance with the Act, the company's loss after tax for the year would have been lower by Rs 18 crore, while its loans and advances have been higher by Rs 27 crore. |
Check out the all-new Messenger 9.0! Click here.
No comments:
Post a Comment