Nandini Piramal to join dad's firm

GeNex is joining Nicholas Piramal. Nandini Piramal, daughter of the company's Chairman Ajay G Piramal, will join the country's fourth largest pharmaceutical firm in July at an annual salary of $100,000 plus performance-linked bonus and other perquisites.

Nandini, a 26-year old graduate from Hertford College of Oxford University with an MBA of the Stanford Graduate School of Business, will initially join as general manager-strategic marketing, in the company's wholly owned subsidiary NPIL Pharma Inc.

Nandini, the elder child of Ajay and Swati Piramal, who is also a director of Nicholas Piramal, was working as a business associate with McKinsey & Co. She holds nearly 2 per cent in Nicholas Piramal.

The company will place a special resolution on her appointment at its forthcoming annual general meeting on June 28.

Section 314 (1B) of the Companies Act, 1956, demands prior approval of the shareholders and the Centre in case of an appointment of a director carrying a monthly payment of over Rs 20,000.