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The dispute over the appointment is an offshoot of the larger battle between between Daiichi Sankyo, who owns majority stake in Ranbaxy, and minority shareholders of Zenotech over the open offer price. The minority shareholders of Zenotech led by Mr Chigurupati are opposing the open offer price offered by Japan's Daiichi Sankyo.
"CLB has granted a stay on Zenotech board meeting," a person close to Daiichi Sankyo said. Mr Chigurupati said the company appointed M Vikram, Zenotech's former audit committee chairman and Uma Devi, R&D head as its two directors, after the two Ranbaxy nominees -- S M Bhutani and Sukhdev Singh Gill -- resigned in August'09. "We have postponed the meet," Mr Chigurupati said.
Earlier, CLB had directed Zenotech to hold its board meeting on August 19 after Mr Chigurupati complained that the board had not met for two years because the two directors appointed by Ranbaxy would not attend any meeting.
Daiichi Sankyo is making an open offer to buy 20 percent stake in Zenotech at Rs 113 per share because it inherited an indirect ownership in the Hyderabad-based company after it bought a 64 percent stake in Ranbaxy Laboratories last year. Ranbaxy in turn holds 47 percent stake In public-listed Zenotech. On Wednesday, the Securities Appellate Board (SAT) asked Daiichi Sankyo to hike its open offer price from Rs 113.62 to Rs 160 per share.
As per market regulator Securities and Exchange Board of India's (SEBI) takeover norms, if there is a change in control of promoter group of a listed firm, the acquirer has to make a compulsory open offer to acquire at least 20 percent stake from the company's shareholders.
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