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| Exchange Disseminated Time | Novartis India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 22, 2014, inter alia, has considered and approved the following:
1. Dividend recommendation of Rs. 10/- per equity share of Rs. 5/- each for the year ended March 31, 2014;
2. Appointment of Ms. Manisha Girotra as Additional Director on the Board of Directors of the Company who shall hold office up to the date of the next Annual General Meeting ("AGM") of the Company;
3. Appointment of Mr. Dinesh Charak as Additional Director and Whole Time Director on the Board of Directors of the Company who shall hold office up to the date of the next AGM of the Company.
The Board also took note of the Global transformation of business wherein Novartis AG, Basel, Switzerland (Novartis) entered into the following agreements with GlaxoSmithKline plc, Great Britain (GSK) and Eli Lilly and Company, USA (Lilly);
- Combination of Novartis OTC division with GSK Consumer Healthcare in a joint venture
Novartis and GSK have agreed to create a consumer healthcare business through a joint venture between Novartis OTC and GSK Consumer Healthcare. Upon completion, Novartis will own a 36.5% share of the joint venture and will have four of eleven seats on the joint venture's Board. The transaction with GSK is subject to approval by GSK shareholders and to other closing conditions, including anti-trust approvals. The transaction is expected to close during the first half of 2015.
- Divestment of Novartis Animal Health business to Lilly
In a separate transaction, Novartis has agreed to divest its Animal Health business to Lilly. The transaction is subject to closing conditions, including anti-trust approvals and is expected to close by the end of the first quarter of 2015.
The Company will evaluate and take necessary approvals as may be required under applicable laws and regulations in India at the appropriate time. |
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