NEW DELHI, Sep. 22, 2022 (TBINN)
Supreme Court of India sentenced former Ranbaxy promoters Malvinder Singh and Shivinder Singh to six months in jail for contempt of court. The top court also imposed a fine of Rs 5000 on the brothers.
It is pertinent to recollect here that Singh Brothers sold Ranbaxy to the Japanese pharma giant Daiichi Sankyo in 2008. The Ranbaxy sale earned the brothers a windfall amount of Rs 9,576 crore.
However, a few years after the sale, Singh Brothers ran into trouble when Daiichi accused them of concealing information and dragged them to an international court. Malvinder and Shivinder Singh were accused of hiding information of regulatory problems Ranbaxy was facing in the United States.
Singh Brothers ultimately lost the case and were ordered by a Singapore’s tribunal to pay $500 million (around Rs 4, 000 crore). The case reached Indian courts, with the Supreme Court threatening to jail the brothers if they don’t pay the tribunal award.
Add Comment