MUMBAI, India, Dec. 21 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd. today announced that PROXY Governance, Inc., a leading independent proxy advisory firm, recommended that shareholders of Taro Pharmaceutical Industries Ltd. withhold their votes for the re-election of the existing board of directors of Taro and vote against the board's two nominees for external director and against both of the board's indemnification proposals in the upcoming Annual General Meeting of Taro's shareholders scheduled for December 31, 2009.
Observing that the board's current indemnification proposal would explicitly cover the board's failure to provide audited financial statements and other past actions, PROXY Governance concluded "the net effect of the proposal would be ... to transfer liability for their failures from the incumbent directors to the company (and thus the shareholders themselves)."
Sun urges fellow Taro shareholders to consider PROXY Governance's independent advice and vote against the re-election of the incumbent directors and their nominees for external directors and against the board's indemnification proposals by signing, dating and returning their proxy cards immediately.
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