The Mumbai-based Sun Pharmaceuticals Industries has appealed to the shareholders of Israel’s Taro Pharmaceuticals to not to re-elect the present directors of the Taro board.

Ahead of the meeting of the shareholders of Taro Pharmaceuticals on December 31, the Chairman of the Sun Pharma Mr. Dilip Sanghvi has told the shareholders of the Taro, through a letter that the chairman of Taro, Dr. Barrie Lewitt has been looking for his interest only, and has neglected the best interest of the shareholders.

In this regard, Mr. Sanghvi said, “As Taro’s largest shareholder, it is difficult to accept abuse of shareholders’ money and being left in the dark about the true state of Taro’s financial affairs. Now its time to vote against the election and re-election of the directors and indemnification proposal.”

Sun Pharma, the India’s most valuable firm, holds a 36% stake in Taro and has been indulged in a legal battle with Taro, since it denied a merger deal worth $454 million with Sun Pharma, after one year the two companies entered the deal.

Last week, Dr. Lewitt also addressed the shareholders through a letter, which stated that if the take over bid from the Sun Pharma gets success, the Taro would fall into the same situation as the Caraco Pharmaceutical Labs fell, when the US government restricted it from producing drugs at its three US plants for going away from the manufacturing standards.

Mr. Sanghvi further added that Taro has seen a slump of 86% in the share prices, which depleted the value of the company by $1.6 billion under the chairmanship of Dr. Lewitt in the last six years. In addition to that, Sun Pharma’s share prices have been increased by 406%, which resulted in increase of the company’s value by $5.1 billion.