Coral Laboratories Limited announced that meeting of the board of directors held on 26 May, 2017, the board of directors approved the resignation of Mrs. Meeta Sheth as Chief Financial Officer & Key Managerial Personnel of the company with effect from 26 May 2017; approved the appointment of Mrs. Sushma Chinchane as Chief Financial Officer & Key Managerial Personnel of the company with effect from 26 May 2017; appointment of Mr. Chetan Doshi as Chairperson of the company and Additional Director of the company with effect from 26 May, 2017; appointment of Mr. Girish Dhameja as an Additional Director & Whole time Director and Key Managerial Personnel of the company with effect from 26 May 2017, subject to the approval of shareholders in forthcoming annual general meeting; appointment of Dr. Sanket Mehta as an Additional Director & Independent Director of the company with effect from 26 May 2017, subject to the approval of shareholders in forthcoming annual general meeting; appointment of Mrs. Sushma Chinchane as an Additional Director of the company with effect from 26 May 2017; resignation of Mr. Navin Doshi as Director of the company with effect from 26 May 2017; and resignation of Mr. Kishor Mehta as Whole time Director & Key Managerial Personnel of the company with effect from 26 May 2017. Mr. Chetan Doshi has 22 years of experience in pharmaceuticals business. He has been involved in all manufacturing and operational activities. Mr. Girish Dhameja's present profile includes handling export enquiry finalization and execution of order, business development, product expansion and production follow up, logistics operations, tenders business and regulatory coordination. Dr. Sanket Mehta is currently affiliated with Saifee Hospital and Sir H N Reliance Foundation Hospital, Mumbai. He is the Chief of Division of Peritoneal Surface Oncology at Saifee Hospital.

The board of directors also recommended dividend at the rate of 50% that is INR 5 per equity share of face value INR 10 each for the year 2016-17, subject to approval of shareholders of the company on ensuing annual general meeting.