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Rs 3,500-Crore Arbitral Award: SC Asks Malvinder Singh And Shivinder Singh Brothers To List Plan

IANS, 15 Mar, 2019
  • Rs 3,500-Crore Arbitral Award: SC Asks Malvinder Singh And Shivinder Singh Brothers To List Plan

The Supreme Court today asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the Rs 3,500-crore arbitral award passed against them by a Singapore tribunal.


A Bench headed by Chief Justice Ranjan Googi asked the Singh brothers, who were present in the court, to consult their financial and legal advisers and give a concrete plan on how they will comply with the tribunal’s order.


“It is not about individual honour but it doesn’t look good for the country’s honour. You were the flag bearers of the pharma industry and it doesn’t look good that you are appearing in court,” the Bench also comprising justices Deepak Gupta and Sanjiv Khanna said.


The Bench asked the Singh brothers to appear before it on March 28 and submit the plan, saying “hopefully it will be the last time you are appearing in the court”.


The SC was hearing the plea of Japanese firm Daiichi Sankyo which is seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh.


The Japanese firm, which has filed the contempt plea against the Singh brothers in the apex court, has said it was promised some shares of Fortis Healthcare by them.


The apex court had earlier refused to pass any interim order on pleas relating to the sale of controlling stakes of Fortis Healthcare to Malaysian IHH Healthcare Berhad.


Daiichi had bought Ranbaxy in 2008. Later, it had moved the Singapore arbitration tribunal alleging that the Singh brothers had concealed information that Ranbaxy was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.


Daiichi had to enter into a settlement agreement with the US Department of Justice, agreeing to pay $500 million penalty to resolve potential, civil and criminal liability.


SEBI directs Religare to recall loans worth over Rs 2,300 crore


SEBI on Thursday ordered Religare Finvest and Religare Enterprises to recall loans worth over Rs 2,300 crore that were diverted to promoters Shivinder Mohan Singh, Malvinder Mohan Singh and 21 other entities after finding preliminary evidence of fund diversions


Religare Finvest Ltd (RFL) is a subsidiary of Religare Enterprises Ltd (REL). At the end of December 2018, the Singh brothers were among the promoters of REL.


It was observed that funds amounting to Rs 2,315.09 crore had been diverted from the books of RFL for the utilisation of promoters and promoter group entities of REL, the regulator said

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