MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-HR-05-0009081
Indovax Private Limited - pharma in New Delhi, Delhi, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹105 Cr
▲ 6% YoY
Net profit · FY 2024
₹5.18 Cr
Net margin 4.9%
EBITDA · FY 2024
₹14.09 Cr
EBITDA margin 13.4%
Authorised capital
₹5 Cr
Registered with MCA
Paid-up capital
₹4.16 Cr
Issued & subscribed
Open charges
₹77.94 Cr
Satisfied ₹10.33 Cr
Company age
40 yrs
Est. 1986
Employees · EPFO
251
Provident fund records
About Indovax Private Limited
Data last updated:
Indovax Private Limited is a private limited company based in New Delhi, Delhi, India. It operates in the animal pharmaceuticals and healthcare segment of the pharmaceuticals sector. It was incorporated on 23 June 1986 and has been in existence for over 40 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN U74899DL1986PTC024582. Its GSTIN is 06AAACI0792G1ZR (Haryana). The company holds 4 GST registrations, of which 3 are active.
The company has an authorised share capital of ₹5 Cr and a paid-up capital of ₹4.16 Cr. It is led by directors including Vinod Somnath Kapur (Managing Director) and Rahul Kapur.
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 8th Floor Eros Arartments 56 Nehru Place, New Delhi, Delhi, India – 110019.
As per the financials filed for FY 2024, the company reported a revenue of ₹105 Cr, a growth of 6% compared to the previous year. For the same year it recorded a net profit of ₹5.18 Cr (net margin 4.9%) and EBITDA of ₹14.09 Cr (EBITDA margin 13.4%). Revenue has grown at a compounded annual rate (CAGR) of 9% over three years and 5% over five years.
The company has about 251 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 2 brands: Immunetic and Indovax. As per MCA filings, the company has open charges of ₹77.94 Cr and satisfied charges of ₹10.33 Cr on record. Court records list 33 cases involving the company, including 14 filed by the company and 14 filed against it; 2 cases are pending. The company has 6 deals on record (6 secondary share transfers); the latest was in September 2021. Its 10 peer companies in the Pharma industry (Animal Pharma) are compared by revenue, 5 larger and 5 smaller; the largest is Harshvardhans Laboratories Private Limited with revenue of ₹123.35 Cr. The company has 4 MSME Form 1 returns on record between 2022 and 2023, listing 233 overdue payments to 15 micro and small suppliers.
Indovax Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-HR-05-0009081). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website indovax.com.
Company Details of Indovax Private Limited
CIN U74899DL1986PTC024582
Registration Number 024582
Incorporation Date 23 June 1986
ROC Delhi
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-HR-05-0009081
Recognitions & Rankings of Indovax
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered Address8th Floor Eros Arartments 56 Nehru Place, New Delhi, Delhi, India – 110019
- IndustryPharma, Animal Pharmaceuticals & Healthcare
Comprehensive company report
Indovax Private Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Associated Brands with Indovax Private Limited
Indovax operates two associated brands: Immunetic and Indovax. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufactures SPF eggs and purified serum for biotechnology and diagnostic uses. | immunetic.com | |
| Permanent magnets and magnetic assemblies are manufactured for industrial applications. | indovax.com |
Business Activity of Indovax Private Limited
The main business activity of Indovax is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | Locked |
Premium access
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Indovax Private Limited FY 2024 filings available
Indovax Private Limited reported revenue of ₹105 Cr (up 6% YoY) for FY 2024.
Revenue · FY 2024
₹105 Cr ▲ 6%
Net profit · FY 2024
₹5.18 Cr margin 4.9%
EBITDA · FY 2024
₹14.09 Cr margin 13.4%
Compounded Annual Growth Rate (CAGR) of Indovax Private Limited
Revenue CAGR growth
1 year
▲ 6%
3 years · compounded
▲ 9%
5 years · compounded
▲ 5%
EBITDA CAGR growth
1 year
▼ 11%
3 years · compounded
▼ 11%
5 years · compounded
▼ 7%
Revenue has grown at a compounded annual rate (CAGR) of 5% over five years, including 6% growth in the latest year. EBITDA fell 11% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Indovax Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹14.09 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹5.18 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Indovax Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 13.4% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 4.9% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Indovax are in the company report.
Premium access
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Board of Directors of Indovax Private Limited
Indovax has 3 current directors and 3 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rahul Kapur | Director | 20 Apr 2008 | 18 Years 6 Months | Current |
| Vinod Somnath Kapur Also directs: Immunetic Lifesciences Private Limited, Keggfarms Private Limited, Vsk-Kegfarms Corporate Holdings Private Limited and 1 more | Managing Director | 23 Jun 1986 | 40 Years 3 Months | Current |
| Deepak Kapur Also directs: Immunetic Lifesciences Private Limited | Director | 12 May 2006 | 20 Years 5 Months | Current |
Peer Comparison of Indovax Private Limited
Indovax Private Limited is compared with the companies closest to it by revenue in the Pharma industry (Animal Pharma). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Harshvardhans Laboratories Private Limited | ₹123.35 Cr (FY 2025) | •••• | •••• | 12.0% | •••• | Dhar, Madhya Pradesh, India |
| Tineta Pharma Private Limited | ₹119.85 Cr (FY 2025) | •••• | •••• | 17.0% | •••• | Mumbai, Maharashtra, India |
| Rodec Pharma Limited | ₹108.15 Cr (FY 2025) | •••• | •••• | 20.0% | •••• | New Delhi, Delhi, India |
| Panchsheel Organics Limited Listed | ₹107.68 Cr (FY 2024) | •••• | •••• | 3.0% | •••• | Indore, Madhya Pradesh, India |
| Ayurvet Limited | ₹107.61 Cr (FY 2023) | •••• | •••• | 3.0% | •••• | Ahmedabad, Gujarat, India |
| Indovax Private Limited this company | ₹105 Cr (FY 2024) | •••• | •••• | 6.0% | •••• | New Delhi, Delhi, India |
| Timo Eva Wellness Private Limited | ₹102.77 Cr (FY 2024) | •••• | •••• | 31.0% | •••• | Bangalore, Karnataka, India |
| Natural Herbs and Formulation Private Limited | ₹101.16 Cr (FY 2025) | •••• | •••• | 62.0% | •••• | Roorkee, Uttarakhand, India |
| Provet Pharma Private Limited | ₹100.73 Cr (FY 2025) | •••• | •••• | 35.0% | •••• | Chennai, Tamil Nadu, India |
| Baader Schulz Laboratories Private Limited | ₹95.24 Cr (FY 2025) | •••• | •••• | 9.0% | •••• | Mumbai, Maharashtra, India |
| Micro Animal Health Care Private Limited | ₹88.47 Cr (FY 2024) | •••• | •••• | 86.0% | •••• | Bangalore, Karnataka, India |
Peers are the five companies nearest above and the five nearest below Indovax by revenue in the Pharma industry (Animal Pharma), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Indovax Private Limited
Indovax Private Limited is audited by V. V. KALE & COMPANY for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| V. V. KALE & COMPANY | Locked | Locked | Locked |
Premium access
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Ownership and Shareholding of Indovax Private Limited
Premium access
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Indovax Private Limited
Open charges
₹77.94 Cr
Satisfied charges
₹10.33 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 17 Apr 2023 | Hdfc Bank Limited | ₹17 Cr | Open |
| 15 Mar 2023 | Hdfc Bank Limited | ₹44 Cr | Open |
| 09 Mar 2021 | Axis Bank Limited | ₹2 Cr | Open |
| 22 Nov 2017 | Others | ₹14.94 Cr | Open |
| 15 Nov 2010 | Department of Biotechnology | ₹70 Lakh | Satisfied |
Total charge records: 8 View all charges
Deals & Funding of Indovax Private Limited
Indovax Private Limited has 6 deals on record (6 secondary share transfers); the latest was in September 2021.
Total deals
6
Secondary share transfers
6
Deals on record (5 of 6)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2021 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2011 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Dec 2010 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2010 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: an individual |
| Sep 2007 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
Premium access
Full deal history
All 6 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Indovax Private Limited
Indovax Private Limited has 33 court cases on record: 14 filed by Indovax, 14 filed against it, 5 where it is another party. 2 cases are pending and 31 are disposed. Status as checked between 21 Sep 2026 and 05 Oct 2026.
Total cases
33
Filed by the company
14
Filed against the company
14
Pending
2
Disposed
31
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 20 | 13 | 1 |
| High courts | 12 | 1 | 1 |
| Supreme Court | 1 | 0 | 0 |
Cases on record (5 of 33)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Hisar, Haryana | Appeal | Company is another party | Pending |
| High Court of Punjab and Haryana | Writ petition | Company is another party | Pending |
| District court, Budgam, Jammu and Kashmir | Court case (CHALLAN VC TRAFFIC) | Filed against the company by an individual | Disposed |
| District court, BENGALURU, Karnataka | Court case (Com.O.S.) | Filed by the company against Pratham Enterprises | Disposed |
| District court, Srinagar, Jammu and Kashmir | Court case (Traffic Challan) | Filed against the company by State | Disposed |
Premium access
Full case history
All 33 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME Payment Delays by Indovax Private Limited
Indovax Private Limited has 4 MSME Form 1 returns on record between 2022 and 2023, listing 233 overdue payments to 15 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 15)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | •••• | •••• | •••• |
| Immunetic Lifesciences Private Limited | •••• | •••• | •••• |
| Konark Manufacturing Pvt. Ltd. | •••• | •••• | •••• |
| HBR Packaging. | •••• | •••• | •••• |
| Multitech Plast & Dies. | •••• | •••• | •••• |
Premium access
Full MSME payment history
Every supplier, amount and due date from all 4 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Indovax Private Limited
Indovax Private Limited has a workforce of 251 employees as of Apr 09, 2024.
Employee count
251
Active EPFO establishments
1
Employee growth
0.4%
Premium access
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Group Structure of Indovax Private Limited
Indovax has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key Subsidiaries
| Company Name | CIN | Shares Held |
|---|---|---|
| Immunetic Lifesciences Private Limited | U29297DL2008PTC182062 | Locked |
Showing major subsidiaries. Total: 1.
Recent Activity on Indovax Private Limited
Indovax Private Limited has 6 board changes on record since 1986: 3 appointments and 3 cessations. The latest: Deepak Kapur ceased to be Managing Director on 10 Nov 2012.
Charges
A charge with Hdfc Bank Limited of Rs. 44.00 Cr registered on 15 Mar 2023 with Charge ID 100724382 was modified on 29 Sep 2025.
Charges
A charge with Axis Bank Limited of Rs. 2.00 Cr registered on 09 Mar 2021 with Charge ID 100423967 was modified on 22 Dec 2024.
AGM
Indovax Private Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Charges
A charge registered on 15 Nov 2010 via Charge ID 10252242 with Department Of Biotechnology was fully satisfied on 22 Apr 2024.
Filing
Indovax Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Delhi.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 17.00 Cr with Charge ID 100744994 was registered on 17 Apr 2023.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 44.00 Cr with Charge ID 100724382 was registered on 15 Mar 2023.
Charges
A charge with Axis Bank Limited amounted to Rs. 2.00 Cr with Charge ID 100423967 was registered on 09 Mar 2021.
Charges
A charge with Others of Rs. 14.94 Cr registered on 22 Nov 2017 with Charge ID 100150192 was modified on 28 Dec 2017.
Charges
A charge with Others amounted to Rs. 14.94 Cr with Charge ID 100150192 was registered on 22 Nov 2017.
Charges
A charge registered on 02 Sep 2004 via Charge ID 80008077 with Axis Bank Limited was fully satisfied on 08 Jun 2015.
Charges
A charge registered on 02 Sep 2004 via Charge ID 80008079 with Axis Bank Limited was fully satisfied on 08 Jun 2015.
13 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Indovax Private Limited
Premium access
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Indovax Private Limited
Premium access
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Indovax Private Limited
Indovax has 4 GST registrations: 3 active and 1 cancelled or inactive.
Total GSTINs
4
Active
3
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 06AAACI0792G1ZR | Haryana | Active | 01 Jul 2017 |
| 21AAACI0792G1ZZ | Odisha | Active | 04 Dec 2018 |
| 33AAACI0792G1ZU | Tamil Nadu | Active | 10 Jan 2020 |
Premium access
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Indovax Private Limited
Premium access
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Indovax Private Limited
Indovax is an active private limited company based in New Delhi, Delhi, India. The company works in animal pharmaceuticals and healthcare, within the pharma industry. It was incorporated on 23 June 1986 (40+ years old) and is registered under CIN U74899DL1986PTC024582.
Indovax reported revenue of ₹105 Cr for FY 2024 (up 6% YoY).
Indovax has 3 current directors:
- Vinod Somnath Kapur - Managing Director
- Rahul Kapur - Director
- Deepak Kapur - Director
Indovax reported a net profit of ₹5.18 Cr (net margin 4.9%) and EBITDA of ₹14.09 Cr (EBITDA margin 13.4%) for FY 2024, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Indovax is 9% over three years and 5% over five years. In the latest year (FY 2024) revenue rose 6%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Indovax is 06AAACI0792G1ZR, registered in Haryana. The company has 4 GST registrations in all, of which 3 are active and 1 is cancelled or inactive. Other active GSTINs include 21AAACI0792G1ZZ (Odisha), 33AAACI0792G1ZU (Tamil Nadu).
The CIN (Corporate Identification Number) of Indovax is U74899DL1986PTC024582. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Indovax has 33 court cases on record: 14 filed by the company and 14 filed against it. 2 are pending. Most are in the district courts.
Indovax was incorporated on 23 June 1986, making it 40+ years old. It is registered with the Registrar of Companies, Delhi.
Indovax has 6 deals on record (6 secondary share transfers); the latest was in September 2021.
The peers of Indovax by revenue are Harshvardhans Laboratories Private Limited, Tineta Pharma Private Limited, Rodec Pharma Limited, Panchsheel Organics Limited, Ayurvet Limited and 5 more, all in the Pharma industry (Animal Pharma).
Deepak Kapur ceased to be Managing Director on 10 Nov 2012. Belur Srirangachar Keshavamurthy ceased to be Director on 19 Mar 2010. Rahul Kapur was appointed as Director on 20 Apr 2008. Indovax has 6 board changes on record in total.