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Malvinder Singh has resigned as the chairman, managing director and chief executive of India's largest pharmaceutical company, Ranbaxy Laboratories. While confirming the news of Malvinder Singh's, the company informed that the current chief operating officer Atul Sobti has been given the charge of chief executive and managing director. Ranbaxy further stated that Tsutomu Une, who is company's non-executive director, has been appointed as the chairman.
Malvinder Singh is expected to address the employees of the company for the last time on Monday (May 25). Last year, Ranbaxy Laboratories was acquired by Japan’s Daichii Sankyo group for Rs 22,000 crore. Commenting on the stepping down of Malvinder Singh, the chief executive of Daiichi Sankyo, Takashi Shoda said that the company appreciates the efforts of the Singh family which helped to take Ranbaxy to the zenith of success.
Claiming his decision to be right, Singh said that he is resigning as the acquisition of his company has been fully completed. He added that although it is very difficult to separate but according to him, it is the right time to step down. The pharmaceutical company was set up in 1937 by Ranbir and Gurbax Singh. After that in 1952, the company was bought over by their cousin and Malvinder’s grandfather, Bhai Mohan Singh. While interacting with the media, Malvinder Singh said that the decision of resigning was his own and nobody forced him to do so. He is now expected to mange the business of Religare and Fortis.
