NEW DELHI: The Supreme Court on Friday pronounced former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty in a case filed by Japanese firm Daiichi Sankyo. Drug maker Daiichi had filed a petition against the
Singh brothers on non payment of Rs 3,500 arbitration award.
The top court said that the Singh brothers violated its order asking them not to divest their shares in Fortis Healthcare Limited.
Daiichi sought enforcement of the arbitration award granted to it by Singapore tribunal in case against the Singh brothers.
The Singh duo sold Ranbaxy to Daiichi in 2008. Sun Pharmaceuticals eventually purchased Ranbaxy from Daiichi for $3.2 billion.
The case relates to the implementation of the arbitration award that the Singh brothers were ordered to pay to Daiichi in 2016. In March this year, Daiichi had filed a contempt plea against the brothers accusing them of disposing of their assets in violation of the court order.
The Japanese drug maker had blamed the Singh brothers for allegedly suppressing facts during the sale of Ranbaxy.
The two resigned as directors from the board of Fortis Healthcare in February 2018. Later in September, Shivinder filed a case against his brother alleging "oppression and mismanagement".