Shareholder attempts to oust Pfizer India Managing Director for money laundering, bribery, and other corrupt acts.

In an unusual legal move a Pfizer shareholder, Mr. Ashok Idnani, is attempting to oust Pfizer's managing director in India, Mr. Kewal Handa.

Mr. Idnani has given a special notice to Pfizer under Section 190 of India's "Companies Act" that he will request the "removal of Mr. Kewal Handa from his directorship at the ensuring annual general meeting."

The reasons for asking for Mr. Handa's removal are allegations of money laundering, bribery, breach of fiduciary duties, and other corrupt acts.

Mr. Idnani is also accusing Mr. Handa of authorizing "goons of a detective agency to shadow the day-to-day, hour-to-hour movements of some shareholders, including Mr. Dinesh Lakhani, Mr. Mathuradas, and others including a senior vice president of Trent Industries Mr. Phene and the managing director of Hindjua Hospital, Mr. Pramod Lele."

Additionally, the complaint details allegations that Mr. Handa would have illegally transferred the rights to an apartment "from the company to himself in surreptitious manner."

Some of my readers may remember that I covered Mr. Idnani's story last year, in the following articles:

1. Pfizer Finance Executive Blows the Whistle - Part One
2. Pfizer Finance Executive Blows the Whistle – Part Two
3. Pfizer Finance Executive Blows the Whistle – Part Three
4. PFIZER CFO RESIGNS after PFE finance executive blows the whistle

Among many others, the following documents were provided to support Mr. Idnani's contentions:

This three piece series also resulted in several news articles, among them this one in Inda's Economic Times:

Pfizer CFO exit may have India angle
28 May, 2007, 0244 hrs IST,Gireesh Chandra Prasad & Javed Sayed, TNN

NEW DELHI: The recent exit of the world’s largest drug-maker Pfizer Inc’s CFO Alan Levin may have an India angle if the allegations of a US-based blog quoting a former Pfizer India employee are to be believed.

The blog, quoting Ashok S Idnani, an ex-deputy manager at Pfizer’s finance division in Mumbai alleges that Pfizer sold its Hyderabad manufacturing plant in 2004 at a price much lower than the market price, bribed government officials in violation of the MNC’s world-wide policies, and hired a detective agency to spy on unfriendly shareholders. It also accuses some unnamed Pfizer India officials of being involved in money laundering. Pfizer denies the allegations.

These allegations were made in a sensational three-part series carried by peterrost.blogspot.com in the week running up to the announcement of Mr Levin’s resignation on May 20. The blog claims that Mr Levin’s exit last Sunday may be a result of its campaign featuring the ‘revelations’ made by Mr Idnani.

However, it does not specify a direct link between Mr Levin and the allegations made by Mr Idnani. In a company statement Mr Levin said he was leaving the company to explore career opportunities outside Pfizer.

Pfizer India, on its part, completely denies the allegations. “Blog sites in general provide open and unfiltered forums for the exchange of all kinds of information that may or may not have any validity. To date, investigations completed in response to Mr Idnani’s claims have found them to be baseless.

Pfizer takes such claims seriously and has by Mr Idnani’s own admission dedicated significant amounts of time and resources to evaluate them thoroughly,” said a Pfizer India spokesperson in an e-mailed response to ET. Pfizer Inc did not respond to a questionnaire sent over the weekend.

A Pfizer India official told ET that the present top-level shifts in the parent company are very much part of its restructuring announced in January to cut costs and to invest in new business development. Pfizer had announced in January that it would cut 10,000 jobs and close down three research sites and two factories in the US, as well as a factory in Germany and research sites in Japan and France.

Sources in the domestic pharma industry however say some of the allegations are being taken seriously by Pfizer’s top brass in the US. Adds an industry veteran, who has visited the blog: “These charges don’t just appear serious. They are very serious.” But a Mumbai-based investment banker and ex-Pfizer employee, who has not seen these postings, dismisses the blog. “Peter Rost is a joker. I do not believe any of these allegations,” he says.

Another article followed in Business World (click on images to read):

Dr. Rost is a litigation consultant and pharmaceutical marketing expert. He is also the author of Killer Drug and The Whistleblower. 

Comments

[amit]

this info.about pfizer could be true but this has no relevance as it is happenening all across in pharma mncs in india.They take full advantage of the structural anomalies in indian govt. practices.Corruption is rampant here.So every corporate feels it is its right to use this country,its people.

[ugg outlet store]

I wonder what year that was because my parents got six-foot heroes for just about every party I can remember as a kid. I'm going to investigate. Stay tuned or help me out by Commenting below.

[Impotence causes]

It is a pleasure for me to say hello, I hope my comment is to welcome to all who read it sometime. To begin I would like to congratulate the person in charge of this blog, I think he spent much time and dedication, secondly I would stress the importance of reading, I believe that today's young people read less and less each passing day forget how important it can be learned through reading.

[Cheap viagra]

Amazing! I'm really surprised, I did not expect much I liked this article, I read it because a friend recommended it to me, I assure you that when he told me to read not think it was so interesting. I congratulate the creators for the excellent job they did, I will continue to recommend to my friends this article is great!

[Generic Cialis]

I would like to appreciate the great work done by You

Please continue posting like this

[Generic Cialis]

I would like to appreciate the great work done by You

Please continue posting like this

[ugg sale]

I find life an exciting business,The point is succinctness of expression.

[Air Jordan Retro]

J'ai entendu cette chanson à la radio de voiture ce matin. Je continue à penser sur les deux premières lignes - se demandant s'il existe des preuves que je suis une femme défectueux. Quand je vois un cerf, je pense ragoût de chevreuil bourgogne - mais je suis heureux, je ne suis pas celui qui devait tirer sur le pauvre.

[UGG Boots Classic Short]

I find life an exciting business,The point is succinctness of expression.

[auto insurance companies]

This is the proof that blogs can be powerful tools. Even these allegations are not true it would still harm the acused.

[精力剤]

紅蜘蛛 激安:http://www.hellokanpo.com/view/hong-zhi-zhu-meiyao.html
紅蜘蛛 通販:http://www.hellokanpo.com/view/hong-zhi-zhu-meiyao.html
D10 媚薬:http://www.hellokanpo.com/view/D10-meiyao.html
催情剤:http://www.hellokanpo.com/view/D10-meiyao.html
花痴:http://www.hellokanpo.com/view/huachi.html
ハナチ:http://www.hellokanpo.com/view/huachi.html
福源春:http://www.hellokanpo.com/view/fuyuan-chun.html
FLY D5:http://www.hellokanpo.com/view/FLYD5yuan.html
D5原液:http://www.hellokanpo.com/view/FLY-D5.html

[cheap oakleys]

"As we have said before, per our policies, we do not collect any user information with anonymous posts (including IP addresses). Therefore, we do not believe we will have any information to provide regarding these posts."

[burberry handbags]

Earlier today we wrote about a letter from the House Energy & Commerce Committee to CafePharma, Schering-Plough and Merck, requesting information about several anonymous message posts in 2007 that foretold the disastrous Vytorin results in the ENHANCE study.

[christian louboutin sale]

"As we have said before, per our policies, we do not collect any user information with anonymous posts (including IP addresses). Therefore, we do not believe we will have any information to provide regarding these posts."

[Outlook 2010]

The PowerPoint is Office 2010 good on this version, but Microsoft Office 2010 if you buy this office suite

[air jordan retro]

Good stuff as per usual, thanks. I do hope this kind of thing gets more exposure.

[supra vaider]

I follow you VIA GFC and I love your blog!

[justin bieber shoes]

I learn much from your article. Life is a beautiful journey. Everyone can only live but once. Wise people knows that we should enjoy our life. We should care about everything around us. Clothes, foods, friends, families and everything. Come on, make a better world for you and for me. At the same time, I think my website is good as well

[ann]

http://www.es-clearanceugguk.co.uk
http://www.es-clearanceugguk.co.uk
http://www.es-clearanceugguk.co.uk
http://www.es-clearanceugguk.co.uk/clearanceugguk-3-ugg-bailey-button-triplet-boots.aspx
http://www.euggbootsoutlet.com
http://www.euggbootsoutlet.com
http://www.euggbootsoutlet.com
http://www.euggbootsoutlet.com

[Timberland UK]

well this blog is great i love reading your articles.