SC holds ex-Ranbaxy promoters Malvinder, Shivinder Singh guilty of contempt of court

SC holds former Ranbaxy promoters Malvinder, Shivinder Singh guilty of contempt of court
Shivinder Singh and Malvinder Singh.
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New Delhi: The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court in a case filed by Japanese firm Daiichi Sankyo.

A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malaysian firm IHH Healthcare was put on hold.

The apex court said the Singh brothers violated its order asking them not to divest their shares in Fortis Healthcare Limited. The court also expressed its dissatisfaction over their replies regarding the payment of Rs 3,500 crore arbitral award amount to the Japanese firm.

In March, the apex court had asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo. It had threatened to send them to jail if found that they have violated the order.

Malvinder and Shivinder Singh are yet to pay the Singaporean arbitration award of Rs 2,562 crore to Daiichi Sankyo.

The Japanese firm had filed a contempt petition against the former Ranbaxy promoters alleging that execution of their arbitral award had been in jeopardy as the Singh brothers disposed of their controlling stakes in Fortis Group to the Malaysian firm.

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