Sun Pharmaceutical has informed to Board of Directors of Taro Pharmaceutical that it will take necessary legal action to reverse the cynical attempt by the Levitt family to reward directors with the funds of Taro. After shareholders rejected the position of present management in Annual General Meeting by over 75 per cent of votes, the Sun Pharma has issued its letter to Taro's Board and expressed that the Israeli courts will reject this unwarranted raid on Taro's treasury.

Dilip Shanghvi, chairman & managing director, pointed out to Board of Directors of Taro Pharma, that “Your repeated claims that you initiated and continue to maintain the ongoing legal proceedings against Sun in order to protect this minority are completely untenable. It has been apparent to Sun from the beginning that your real interest in commencing the various litigations on behalf of Taro against Sun was and remains your misplaced and unexplained desire to help only the Levitt family avoid their contractual obligation to sell their shares in Taro to us. Now Taro’s public shareholders have come to recognize this fact. These litigations have done nothing to advance the interests of the 'silent minority shareholders' of Taro, as you have wrongly claimed, but have instead done them a disservice.”

The letter added, “In light of these results, and with any residual sense of your fiduciary duties as directors, we expect that you will now reconsider and reverse your position regarding these actions. Failing to do so, and continuing to provide active support, with Taro funds, to the Levitt family in its attempt to avoid its contractual obligations towards us, will constitute a further breach of your fiduciary duties to Taro as well as its shareholders.”