Habil Khorakiwala quits as Wockhardt MD
April 1st, 2009
Habil Khorakiwala has resigned as the Managing Director (MD) of Wockhardt. Murtaza, his son will take over the reins of the company. The company has also been referred to a Corporate Debt Restructuring (CDR) process for financial restructuring.
Wockhardt said the company’s audit could not be completed due to potential restructuring. The annual audit for the year ended 2008 will be completed by April 25. The company’s debt equity ratio stood at 2.3 times while net debt stood at Rs 3,400 crore as on December 31, 2008.
The company will make a reference to Corporate Debt Restructuring (CDR) Cell for financial restructuring through ICICI Bank.