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The Apex Court of Singapore dismissed a plea by Malvinder and Shivinder Singh to put aside Rs 3,500-crore arbitral award. With this they have availed their last legal remedy as the court is the final appellate forum in Singapore. The two brothers are the former promoters of Ranbaxy Laboratories.
The dispute arose from Daiichi Sankyo Co. Ltd. buying a 34.82% stake in Ranbaxy held by the Singh brothers in 2008. In 2011, the U.S. Food and Drug Administration directed Ranbaxy to make a payment of $500 million in settlement for an investigation initiated before Daiichi’s takeover. Daiichi Sankyo Co. Ltd, a Japanese drugmaker stated that it wasn’t aware of the investigation, therefore initiated arbitration proceedings alleging misrepresentation of facts by the Singh brothers. It approached Singapore Arbitration Tribunal, which directed Singh Brothers to pay Rs 3500 Crores to Daiichi.
Later the company was acquired by Sun Pharmaceutical Industries Ltd. subsequently Singh brothers tried to challenge the award at different forums both in India and Singapore. The Delhi High Court in January 2018 rejected their appeal which claimed provisions of Indian Law make the award unenforceable. The court however ruled that the award is enforceable against Singh Brothers and not against their children. The High Court is currently hearing the petition seeking enforcement of the award.
Singh brothers have been sent to Tihar Jail on a different complaint Religare Finvest by the Economic Offences Wing of the Delhi Police.
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