Close X
Saturday, November 30, 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

Upset Over Not Getting Phone He Wanted, Mumbai Teen Hangs Himself: Cops

Police said that the teen wanted a mobile phone worth Rs. 37,000 but his elder brother gave him a different one that was worth less.  

Upset Over Not Getting Phone He Wanted, Mumbai Teen Hangs Himself: Cops

Robert Vadra Moves Anticipatory Bail Plea In Money Laundering Case

Robert Vadra Moves Anticipatory Bail Plea In Money Laundering Case
The case relates to allegations of money laundering in the purchase of a London-based property.

Robert Vadra Moves Anticipatory Bail Plea In Money Laundering Case

Geeta Phogat Packs A Punch At Lakme Fashion Week Ramp

Wrestling champion Geeta Phogat packed a punch at the Lakme Fashion Week (LFW) Summer/Resort 2019 ramp at a show, where 10 other accomplished names turned showstoppers to pay an ode to women and their inner strength.

Geeta Phogat Packs A Punch At Lakme Fashion Week Ramp

3 Chinese Nationals Among 5 Arrested For Allegedly Carrying 10 Kg Beef

3 Chinese Nationals Among 5 Arrested For Allegedly Carrying 10 Kg Beef
The meat samples were sent for chemical analysis which revealed that it was cow meat, the police said

3 Chinese Nationals Among 5 Arrested For Allegedly Carrying 10 Kg Beef

Indian Students' Detention In US: Missions In Touch With Authorities

Indian Students' Detention In US: Missions In Touch With Authorities
The government is according top priority to the case of Indian students in the US facing detention under an alleged immigration fraud and is in touch with the Indian Embassy in Washington and other consulates,

Indian Students' Detention In US: Missions In Touch With Authorities

In Video J&K Woman Pleads For Mercy With Joined Hands, Man Shoots Her Point Blank

The victim has been identified as Ishrat Muneer, a resident of Dangerpora in Pulwama district, a police spokesman said.

In Video J&K Woman Pleads For Mercy With Joined Hands, Man Shoots Her Point Blank