Corporate governance lapses at Sun Pharma haunt Shanghvi

Dilip 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.