In a major setback for the erstwhile promoters of Ranbaxy, Malvinder Mohan Singh and Shivinder Mohan Singh, an arbitration tribunal in Singapore has asked them to pay Rs 2,562 crore in damages to Daii
In a major setback for the erstwhile promoters of Ranbaxy, Malvinder Mohan Singh and Shivinder Mohan Singh, an arbitration tribunal in Singapore has asked them to pay Rs 2,562 crore in damages to Daiichi Sankyo Co., Ltd for concealing and misrepresenting information while selling their stake to the Japanese firm.
In 2008, the Singh brothers had sold their entire stake of about 35 per cent in Ranbaxy for $2.4 billion to Daiichi Sankyo. Daiichi spent a total of around Rs 22,000 crore to gain a majority stake in Ranbaxy.
While Malvinder Singh is currently chairman of Fortis Healthcare, his brother, Shivinder, has stepped down from the executive role in the group to join sect Radha Soami Satsang Beas.
In 2013, Daiichi had alleged that former shareholders of the company had hidden information about US regulatory probes into Ranbaxy and filed an arbitration suit in Singapore.
In 2013 Ranbaxy, under Daiichi, was forced to pay $500 million to reach a settlement with the United States justice department on accusations that it faked test results to get approval from the United States Food and Drug Administration for its products.
