Novartis India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 12, 2009, inter alia, has accepted the resignation of Ms. Asha Mirchandani and Dr. Jesus Acebillo, Directors, effective from the date of the Board meeting.
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It appears that the Company will very soon merge itself with its 2 other unlisted wholly-owned subsidiaries in India and delist from BSE after making a buyback offer to the Indian shareholders.
Delisting is a good way to avoid embarrasing questions from shareholders in public and reducing other administrative and compliance costs (besides increasing the stake in the Company at the same time). Moreover, with free cash reserves of 400 crores and a dwindling stock market, it definitely makes sense for Novartis to go for a buyback, delist the company from BSE and later, merge itself with its other 2 wholly-owned subsidiaries in India to avoid inter-group transaction related queries from the Indian shareholders.
Which are the two wholly owned Companies Sir.? 2. How much are the administrative and compliance costs in lacs of rupees Sir ? When is the buyback expected Merck , Aventis, Solvay, Glaxo, Pfizer all have similar cash.
I am holding this stock from more than 17 years and i can say with authority this is just a baseless rumor in market.
Stock is being added by mutual funds or FII as fundamentals of this company is good.
I am happy if it climbs to 300 levels soon in this falling market conditions
You should also read an article in Economic Times some days back about the nexus between Companies and MF`s, wherein the former `informally` engage the MFs to buy shares from the market at low rates for them.
Will the following news be of any help to Novartis fight for Glivec patent in India????
Thursday March 19, 05:38 PM
UPDATE 1-EMEA recommends Novartis` Glivec after surgery
LONDON, March 19 (Reuters) - European regulators have recommended an extended approval for Novartis (Virt-X: NOVN.VX - news) ` cancer drug Glivec as the first post-surgery treatment in the region for gastrointestinal tumours.
The European Medicines Agency said on Thursday the drug should be approved as a first line treatment for patients at risk of relapse following removal of gastrointestinal stromal tumours (GIST).
`This positive opinion is an important step forward for GIST patients,` said David Epstein, president of Novartis` oncology unit.
Recommendations from the agency are normally endorsed by the European Commission within a couple of months.
Glivec is already approved in Europe as a treatment for patients with GIST that cannot be removed and in the United States for post-surgery treatment. It is also used to treat certain types of leukaemia and some other rare cancers.
| NIFTY 
