A day after being co-opted on the Ranbaxy Laboratories board, Malvinder Mohan Singh on Tuesday said the move had more to do with his professional achievements than his family being the principal promoter of the company with around 33 per cent stake.
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"I was made the president of the company, a post that has a representation on the board of directors. Both Brian Tempest and D S Brar joined the board after becoming the president of the company," Malvinder told Business Standard.
Malvinder's elevation to the board and appointment as second-in-command to Tempest is being seen as the promoters' return to power at Ranbaxy. After Parvinder Singh's death in 1999 the family had no representation on the company's board of directors.
Claiming that there was no rift with Brar, Malvider said it was Brar who had proposed his name for the post of president after Tempest was named CEO-designate of the company at yesterday's board meeting.
Confirming the sequence of events, Ranbaxy chairman Tejinder Khanna said: "Once Brar had recommended Tempest as his successor, we asked him who would succeed Tempest. He suggested Malvinder's name. He said Malvinder was best suited to fill Tempest's post."
Malvinder said Brar had guided him in the past and would continue to do so in the future.
"We are extremely close. I call his wife 'masi'," he said.
Khanna said Brar's exit would not affect the performance of the company. "There are a lot of robust professionals in the company and there's a good team since Parvinder Singh's time. I am sure the team will stand up to the task. We have seen successful performances from various quarters," he said.
Malvinder added that there were no plans for his younger brother, Shivinder, to join Ranbaxy in the immediate future.
"At the moment, he is extremely busy with the hospital project and his hands are full," he said.
