Shankar, who played a significant role in forging the merger in January last year, and K Ramamurthy, managing director of the erstwhile Croslands, were appointed as additional directors of Ranbaxy Laboratories, effective January 13, 1997.

The board of Ranbaxy Labs subsequently approved the duo's appointment as the company's wholetime directors with effect from the date of amalgamation of Croslands with the company. No official confirmation on the resignation could, however, be got.

Even after the merger, the two promoters of the erstwhile Croslands continued to manage the company as an autonomous profit centre within the overall Ranbaxy umbrella.

The 43-year old Shankar, a chartered accountant, was at the helm of Croslands Research Labs since itsinception, and the decision to step down would probably allow him to dedicate his retired life to social work.The Mumbai-based Croslands was formed on November 29, 1984 and commenced business from January 1986. The company broadbased its equity with a public issue in late September 1994, and has been one of the faster growing companies with a retail growth of over 40 per cent.