Sudhir Valia steps down from executive role at Sun Pharma

Sudhir Valia, the brother-in-law of Sun Pharma's Managing Director Dilip Shanghvi, has stepped down from the position of the whole-time director but will continue as a non-executive director of the company, a regulatory filing said. The pharma major in a filing on Tuesday said Valia will step down from the position of the company's whole-time director to non-executive, non-independent director from May 29, 2019.

Asked for the reasons for Valia shifting to a non-executive role, a Sun Pharma spokesperson said: "As his personal businesses are increasingly taking more of his time, he has decided to give up the role of a whole-time director in the company." Earlier in January 2019, Sun Pharma had said that it had not given any loans nor guarantees to Suraksha Realty, a company in which Valia is one of the promoters.

Shares of Sun Pharmaceutical Industries closed at Rs 422.85 apiece on BSE, up 2.41 percent.