Close X
Friday, November 1, 2024
ADVT 
India

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

IANS, 15 Mar, 2019 10:31 PM
  • 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

MORE India ARTICLES

Gloom, Anger Across India As Last Rites Of CRPF Martyrs Held

A pall of gloom combined with anger and patriotic fervour was witnessed across the country on Saturday as the tricolour-bedecked mortal remains of the CRPF troopers

Gloom, Anger Across India As Last Rites Of CRPF Martyrs Held

Terrorists Will Be Emboldened If Kartarpur Corridor Scuttled: Navjot Singh Sidhu

Terrorists Will Be Emboldened If Kartarpur Corridor Scuttled: Navjot Singh Sidhu
Questioning why proper security arrangements "were not" made for movement of CRPF personnel in Pulwama, he said a permanent solution was needed to end the repeated killings of jawans.    

Terrorists Will Be Emboldened If Kartarpur Corridor Scuttled: Navjot Singh Sidhu

Last Rites Of 4 CRPF Troopers From Punjab Done With State Honours

The last rites of four CRPF troopers from Punjab, who were killed in Thursday's terror attack in Jammu and Kashmir, were performed on Saturday as their remains were consigned to flames in their villages.

Last Rites Of 4 CRPF Troopers From Punjab Done With State Honours

Plastic pollution in A & N Islands a growing concern

Ten suggestions to the public and the Andaman and Nicobar Administration to avoid plastic pollution

Plastic pollution in A & N Islands a growing concern

Norway To Reconsider Regulations For Passport Photos Of Sikhs: Harsimrat Kaur Badal

Norway To Reconsider Regulations For Passport Photos Of Sikhs: Harsimrat Kaur Badal
The Sikh religion prohibits devout Sikhs to remove the turban from their heads in any circumstances and forcing them to do it completely or partly under any legal obligation would result in hurting their religious sentiments

Norway To Reconsider Regulations For Passport Photos Of Sikhs: Harsimrat Kaur Badal

3 More Arrested In Ludhiana Gangrape Case

Three more persons, including a juvenile, were held on Thursday in connection with the gangrape of a 21-year-old woman near Issewal village here, taking the total number of those nabbed in the case to six, police said.

3 More Arrested In Ludhiana Gangrape Case