Drug firm Avon Lifesciences has accepted the resignation of its Director Manoj Jain who was arrested in connection with the recovery of a major haul of ephedrine, pegged at Rs 2,000 crore, earlier this month.
"Company's whole-time Director, Manoj Jain, has been remanded to police custody in connection with a drug seizure case...As a matter of abundant caution pending investigations, the company is accepting his resignation from the board of directors with immediate effect," Avon Lifesciences said in a BSE filing.
Once the investigations are complete, the company will review his re-appointment, based on facts that would emerge at an appropriate date, it added.
"In the meanwhile, the company continues to cooperate fully with the ongoing investigations by various agencies," Avon Lifesciences said.
Shares of Avon Lifesciences remain flat at Rs 13.85 per scrip in afternoon trade on BSE.
