Intimation of Notice of Postal Ballot seeking Consent of the members of the Company.
NOVARTIND · price
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Novartis India has sought shareholder approval via postal ballot (e-voting from May 17 to June 15, 2025; results by June 17, 2025) on two items. First, re-appointment of Mr. Sanker Parameswaran (DIN: 00008187) as an Independent Director for a second term of 5 years effective June 22, 2025 to June 21, 2030, through a special resolution. Second, approval of a Related Party Transaction with Novartis Pharma AG (Basel, Switzerland) for the purchase and import of pharmaceutical finished products, at an amount not exceeding INR 3,000 million (INR 300 crore) per annum, for a 5-year period from April 1, 2025 to March 31, 2030. The RPT represents about 84.4% of the company's annual consolidated turnover and has been approved by the Audit Committee as being in the ordinary course of business and at arm's length. Mr. Parameswaran, aged 65, is a Company Secretary and corporate lawyer with prior experience at ICICI Bank, Godrej Agrovet, Marico, Colgate Palmolive, Reliance Infocom and Indian Hotels, and attended 6 board meetings in FY 2024-25.
This is a routine governance exercise. Shareholders will vote to retain the existing Independent Director and to formally approve the company's continuing purchase arrangement with its Swiss parent group entity. The RPT size is large relative to turnover (84.4%) but reflects ongoing pharma imports essential to the India business; approval is necessary for uninterrupted supply of Novartis Pharma AG's products in India.