Close X
Saturday, November 2, 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

Pak Team To Visit India To Discuss Modalities On Kartarpur Corridor

A team from Pakistan will visit India next month to discuss and finalise the modalities for facilitating visit of pilgrims through the Kartarpur Sahib Corridor.    

Pak Team To Visit India To Discuss Modalities On Kartarpur Corridor

Mayawati Has To Deposit Public Money Spent On Her Statues, BSP Symbol’s Elephant: SC

The Bench senior counsel Rakesh Khanna, representing Mayawati, to convey its prima facie views to her.    

Mayawati Has To Deposit Public Money Spent On Her Statues, BSP Symbol’s Elephant: SC

Indian Cricketer Virender Sehwag Rubbishes Reports Of His Contesting LS Polls From Rohtak

Sehwag said on Friday that such rumours had surfaced before 2014 general elections, and that he wasn’t interested in contesting elections then or now.

Indian Cricketer Virender Sehwag Rubbishes Reports Of His Contesting LS Polls From Rohtak

Lord Ram Ancestor Of Hindus As Well As Muslims, Says Ramdev

Lord Ram Ancestor Of Hindus As Well As Muslims, Says Ramdev
"I firmly believe that Ram mandir must be built in Ayodhya. If not in Ayodhya, where would you build it? It is obvious that it will not come up at Mecca, Madina or Vatican City," Ramdev said.

Lord Ram Ancestor Of Hindus As Well As Muslims, Says Ramdev

2 Dead After Elephant Brought To House Warming Tramples Them In Kerala

The house owner was said to be a member of the manging committee of a temple nearby, where the elephant had been brought for a festival later on Friday.  

2 Dead After Elephant Brought To House Warming Tramples Them In Kerala

Canadian Cryptocurrency Firm CEO Gerald Cotten Dies In Jaipur, Rs 1,000 Crore May Vanish From Face Of Earth

Gerald Cotten's widow, Jennifer Robertson, said he was diagnosed with Crohn's disease at the age of 24, about a year after he co-founded QuadrigaCX with his partner Mike Patryn.  

Canadian Cryptocurrency Firm CEO Gerald Cotten Dies In Jaipur, Rs 1,000 Crore May Vanish From Face Of Earth