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D S Brar to succeed Parvinder as Ranbaxy MD from Oct

Parvinder Singh, chairman and managing director of Ranbaxy Laboratories Limited today agreed to step down as the managing director of the company with effect from October 1, 1999.

D S Brar, currently president of Ranbaxy, will succeed Singh as the chief executive officer and managing director. However, Singh would continue to be the chairman, the board of directors of the company announced today, after a meeting at Mohali near Chandigarh. Brar would head the company's executive management team.

The company's board also adopted a code for embracing best international practices in corporate governance. The board accordingly constituted three committees -- Management Committee, Science Committee, and Finance and Audit Committee -- with the majority of members being non-executive directors.

The code prescribes that non-executive directors shall normally serve for a maximum of two terms of three years each and that the maximum age of any board member shall not exceed 70 years.

Commenting on the code, Singh said, ''Keeping in mind the increasing complexities of business and the international profile of our company, it is important that we achieve higher standards of corporate governance. We have evolved a framework of governance that will align our practices with the best internationally.''

UNI

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