In an Article named “ The Truth About Independent Directors” in Moneycontrol on 7th July 2012, InGovern was quoted as follows:

In 2010 Crawford Bayley advised Piramal Healthcare on the sale of its domestic formulations business to Abbott Laboratories for $3.7 billion. RA Shah was then an independent director on Piramal’s board. Crawford Bayley advised Colgate Palmolive, Asian Paints, P&G, Clarient, Pfizer India, Century Enka, Abbott India, Godfrey Philips, Wockhardt, Lupin, Bombay Dyeing and BASF. RA Shah serves as independent director on the boards of all of these companies. This was pointed out by proxy advisory firm ingovern earlier this year in a report that questioned the independence of independent directors.

The full article can be downloaded from here:

Moneycontrol – Page 1-3 on 7th July 2012

Moneycontrol – Page 4-5 on 7th July 2012

Link to the article: http://www.moneycontrol.com/news/the-firm/the-truth-about-independent-directors_727266.html