IOL Chemicals and Pharmaceuticals Ltd. announced that the Board of Directors of the Company at its meeting held on May 27, 2013, has considered and approved the redesignation of Mr. Vijay Kumar Garg as joint Managing Director of the Company, the resignation of Mr. Varinder Gupta from Chairman of the Board of the Company and the appointment of Dr. M. A. Zahir as Chairman of the Board of the Company.