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

Gangster Ravi Pujari, Don Who Terrorised Bollywood, Held In Senegal

Gangster Ravi Pujari, who was known to call up Bollywood personalities and prominent builders in Mumbai in order to extort money from them, has been arrested in the Senegalese capital of Dakar, according to sources here.  

Gangster Ravi Pujari, Don Who Terrorised Bollywood, Held In Senegal

IIT Hyderabad Student Dies After Falling From Terrace While Talking On Phone

M Anirudhya (22), a final year engineering student of IIT-Hyderabad, died instantly when he accidentally fell down from the terrace of his seven-storied hostel building.  

IIT Hyderabad Student Dies After Falling From Terrace While Talking On Phone

India To Become $ 5-Trillion Economy In Next 5 Years: Finance Minister Piyush Goyal

Stating that India is solidly back on track and marching towards growth and prosperity, he said the last five years have seen India being universally recognised as a bright spot of the global economy.

India To Become $ 5-Trillion Economy In Next 5 Years: Finance Minister Piyush Goyal

Interim Budget 'A Trailer', Says PM Modi, Toasts Middle Class

Making a big populist push in its final Budget before the General Election, the Narendra Modi government on Friday exempted people with an earning of up to Rs 5 lakh from payment of income tax

Interim Budget 'A Trailer', Says PM Modi, Toasts Middle Class

Canada Lauds Efforts Of Punjab Police In Jassi Sidhu Murder Case

The Royal Canadian Mounted Police (RCMP) of British Columbia have presented appreciation certificate to two Punjab Police officers for their “outstanding work” in the murder case of Canadian citizen Jaswinder Kaur Sidhu alias Jassi.

Canada Lauds Efforts Of Punjab Police In Jassi Sidhu Murder Case

Haryana’s Rich Landlord Jaswinder Singh Who Smuggled Drugs To Punjab Elite Arrested

The Patiala Police have foiled a new methodology to supply opium and other drugs in Punjab, wherein the peddlers were using luxury vehicles to smuggle the contraband into Punjab.

Haryana’s Rich Landlord Jaswinder Singh Who Smuggled Drugs To Punjab Elite Arrested