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Tuesday, Dec 10, 2019

Ranbaxy case: SC holds Malvinder, Shivinder Singh guilty of contempt

Malvinder and Shivinder Singh have not paid up the Singaporean arbitration award of Rs 2,562 crore to Daiichi Sankyo.

india Updated: Nov 15, 2019 11:32 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Police escort Malvinder Singh and his brother Shivinder Singh, former directors of Ranbaxy Laboratories, inside a court premises in New Delhi, India, October 11, 2019.
Police escort Malvinder Singh and his brother Shivinder Singh, former directors of Ranbaxy Laboratories, inside a court premises in New Delhi, India, October 11, 2019.(REUTERS File )
         

The Supreme Court on Friday held ex-Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court in a case filed by Japanese firm Daiichi Sankyo.

The apex court had earlier expressed its dissatisfaction over replies of the former Ranbaxy promoters on payment of Rs 3,500 crore arbitral award amount to the Japanese firm. “You may be owning half of the world but there is no concrete plan as to how the arbitral amount would be realised. You said that somebody owed you Rs 6,000 crore. But this is neither here nor there,” the bench had said in April hearing.

Malvinder and Shivinder Singh have not paid up the Singaporean arbitration award of Rs 2,562 crore to Daiichi Sankyo.

In March, the Supreme Court had asked the Singh brother to inform it how they proposed to comply with the arbitral award passed against them by a Singapore tribunal.

It had threatened to send them to jail if found that they have violated the apex court’s order.