Isaraeli drug firm Taro shareholders reject re-election of board

In a major boost to India's sun pharma , which is locked in a takeover battle with Taro, sahreholders of the isaraeli drug firm rejected a proposal to reelect directors.
the shareholders have turned down an indemnification proposal by the Taro board, Sun pharma said. Sun Pharma is the single largest shareholders in Taro with 36% stake and has been trying to take control of the firm ever since their $454 million deal was unilaterally terminated by the Israeli firm.
shareholders voted decisively against the election of Taro's external director nominees," said Sun Pharma.Taro shareholders holding over two thirds of equity want to remove the Levitts(promoter family) and their associates from the board, it said.
on the development, Sun Pharma CMD Dilip Shanghvi said," with such an unambiguous rejection by minority shareholders, the Levitts and Taro directors now have lost this only crutch."