The apex court expressed its dissatisfaction over replies of the former Ranbaxy promoters Malvinder Singh and Shivinder Singh on payment of Rs 3,500 crore arbitral award amount to Japanese firm Daiichi Sankyo.(HT file photo)
The apex court expressed its dissatisfaction over replies of the former Ranbaxy promoters Malvinder Singh and Shivinder Singh on payment of Rs 3,500 crore arbitral award amount to Japanese firm Daiichi Sankyo.(HT file photo)

‘Will send former Ranbaxy promoters to jail if found guilty of contempt’: SC

The Supreme Court on Friday served stern warning to ex-Ranbaxy promoters Malvinder Singh and Shivinder Singh stating that they will be sent to jail if they were found guilty of contempt.
By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON APR 05, 2019 12:14 PM IST

The Supreme Court on Friday served stern warning to former Ranbaxy promoters Malvinder Singh and Shivinder Singh stating that they will be sent to jail if they were found guilty of contempt, news agency PTI reported. The top court decided to go ahead with the contempt proceedings against them.

The apex court expressed its dissatisfaction over replies of the former Ranbaxy promoters on payment of Rs 3,500 crore arbitral award amount to a Japanese firm. The court has fixed April 11 as the next date of hearing on the contempt petition against the promoters.

“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 was quoted as saying by PTI.

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 two former Ranbaxy promoters to apprise it how they propose to comply with the arbitral award passed against them by a Singapore tribunal. Chief Justice Ranjan Gogoi-headed bench of the court had asked the Singh brothers to consult their financial and legal advisors and give a concrete plan on how they will comply with the tribunal’s order.

Also read: SC asks ex-Ranbaxy promoters to apprise how they will comply with Rs 3500 crore arbitral award

“You were the flag bearers of the pharmacare industry and it doesn’t look good that you are appearing in court,” the bench, also comprising justices Deepak Gupta and Sanjiv Khanna, had then remarked.

Japanese firm Daiichi Sankyo had approached the Supreme Court seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh.

Daiichi Sankyo, in its contempt plea filed against the Singh brothers in the apex court, has said that it was promised some shares of Fortis Healthcare by them. Earlier in December last year, the top court had ordered status quo with regard to the sale of controlling stakes of Fortis Healthcare.

The court had, however, refused to pass any interim order on pleas relating to the sale of controlling stakes of Fortis Healthcare to Malaysian IHH Healthcare Berhad.

Also read: The billionaires and the guru: How a family burned through $2 billion

The board of Fortis Healthcare had approved in July last year a proposal from IHH Healthcare to invest Rs 4,000 crore by way of preferential allotment for a 31.1 % stake.

Daiichi had bought Ranbaxy in 2008. Later, it had moved the Singapore arbitration tribunal alleging that the Singh brothers had concealed information that Ranbaxy was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.

Daiichi had to enter into a settlement agreement with the US Department of Justice, agreeing to pay USD 500 million penalty to resolve potential, civil and criminal liability. The company had then sold its stake in Ranbaxy to Sun Pharmaceuticals for Rs 22,679 crore in 2015.

SHARE THIS ARTICLE ON
app
Close
"We suggested that the farmers form a smaller group with outside people who have expertise on the issue, but the unions rejected our suggestion,” agriculture minister Narendra Singh Tomar said
"We suggested that the farmers form a smaller group with outside people who have expertise on the issue, but the unions rejected our suggestion,” agriculture minister Narendra Singh Tomar said

Ninth round of farm talks inconclusive

By Zia Haq
PUBLISHED ON JAN 16, 2021 01:07 AM IST
Like several earlier rounds of discussions, the farm unions demanded that the government commit to complete rollback of the laws. At Friday’s talks, the government proposed that the 41-member farmers’ delegation form a “smaller group” with “people who have expertise on laws”.
Close
With the assembly elections due in four months, Kerala finance minister TM Thomas Issac presented the last budget of the Pinarayi Vijayan government for now(PTI)
With the assembly elections due in four months, Kerala finance minister TM Thomas Issac presented the last budget of the Pinarayi Vijayan government for now(PTI)

Kerala earmarks fund for mental health

PUBLISHED ON JAN 16, 2021 12:39 AM IST
The state has earmarked Rs.64 crore for mental health programmes, usually a neglected sector. According to a survey conducted by the state mental health department last year, at least 15% of the youth between 18 and 25 years suffered from depression and other mental health problems.
Close
Former Meghalaya CM Dr Mukul Sangma receiving a report from West Jaintia Hills deputy commissioner Dykes detailing the identified stock of fresh coal identified at the spot.(HT photo)
Former Meghalaya CM Dr Mukul Sangma receiving a report from West Jaintia Hills deputy commissioner Dykes detailing the identified stock of fresh coal identified at the spot.(HT photo)

Ex-CM accuses ruling Meghalaya govt of encouraging illegal coal mining

By HT Correspondent, Shillong
UPDATED ON JAN 16, 2021 12:15 AM IST
  • Sangma said the mineral, weighing truckloads, which were dumped in a scattered manner, were being tallied.
Close
The police have seized two big consignments of Nepalese cigarettes in less than a month in Champawat. (FILE PHOTO) (Image used for representation).
The police have seized two big consignments of Nepalese cigarettes in less than a month in Champawat. (FILE PHOTO) (Image used for representation).

Smuggled Nepalese cigarette brand dominates border areas of Uttarakhand

PUBLISHED ON JAN 16, 2021 12:01 AM IST
  • ‘Khukuri’ a brand of Nepalese cigarette has captured the market in the border areas of US Nagar, Champawat and Pithoragarh. Over 90% of smokers prefer to purchase and smoke this not due to taste but its cheap prices, said an official.
Close
Screen grab of a video showing fight between fake buffaloes at a village in Sivasagar district of Assam on Friday.
Screen grab of a video showing fight between fake buffaloes at a village in Sivasagar district of Assam on Friday.

Assam village sets example, holds fake buffalo fight to uphold SC ban

By Utpal Parashar | Edited by Sparshita Saxena
UPDATED ON JAN 15, 2021 11:58 PM IST
  • In 2016, the Supreme Court had placed a ban on animal fights during religious and cultural festivals.
Close
HT Image
HT Image

After protests, Goa CM announces relocation of IIT project from Melaulim

By Gerard de Souza
PUBLISHED ON JAN 15, 2021 11:47 PM IST
PANAJI: Goa chief minister Pramod Sawant on Friday announced that the Indian Institute of Technology (IIT)-Goa campus that was to be set up at Melaulim village would be shifted to another place in the state
Close
HT Image
HT Image

CBI ‘bribe-for-relief’ racket was running since 2018, finds probe

By Neeraj Chauhan, New Delhi
UPDATED ON JAN 15, 2021 11:47 PM IST
The Central Bureau of Investigation (CBI) has found that a “bribe-for-relief” racket was being run in the agency since 2018 by leaking confidential case related information to some companies being investigated for bank fraud, people familiar with the development said
Close
HT Image
HT Image

Construction work on New Parliament begins

PUBLISHED ON JAN 15, 2021 11:45 PM IST
New Delhi: Construction work on the foundation of the New Parliament building officially began on Friday, officials aware of the development said adding that some of the work had already begun on an alternative site to make up for the delay in the construction
Close
Both day and night also turned pleasant on Friday as temperatures dropped significantly in the city providing relief from week-long heat conditions. The Colaba observatory of the Indian Meteorological Department (IMD) recorded a minimum temperature of 21 degrees Celsius. (ANI PHOTO).
Both day and night also turned pleasant on Friday as temperatures dropped significantly in the city providing relief from week-long heat conditions. The Colaba observatory of the Indian Meteorological Department (IMD) recorded a minimum temperature of 21 degrees Celsius. (ANI PHOTO).

Mumbai logs AQI of 190, breathes cleanest air so far this year

PUBLISHED ON JAN 15, 2021 11:44 PM IST
  • Air quality had remained in the poor to very poor category since the beginning of January owing to low temperatures. On January 8, the AQI was the worst at 317 (very poor) for this year.
Close
Satabdi Roy, the three-time Lok Sabha member from Birbhum, told the media that she would fly to Delhi on Saturday. This led to rumours that she would possibly meet Union home minister Amit Shah. (ANI PHOTO).
Satabdi Roy, the three-time Lok Sabha member from Birbhum, told the media that she would fly to Delhi on Saturday. This led to rumours that she would possibly meet Union home minister Amit Shah. (ANI PHOTO).

TMC MP Satabdi Roy voices dissent, Abhishek Banerjee steps in to solve crisis

PUBLISHED ON JAN 15, 2021 11:27 PM IST
  • For the first time, TMC’s youth unit president and chief minister Mamata Banerjee’s nephew Abhishek Banerjee stepped in to solve the crisis. He sent party spokesperson Kunal Ghosh to bring Roy to his office on Camac Street in south Kolkata and held a two-hour meeting on Friday.
Close
As many as 97 vaccination centres have been set up for the launch on Saturday.(Reuters)
As many as 97 vaccination centres have been set up for the launch on Saturday.(Reuters)

Woman sanitation worker to get first vaccine jab in Chhattisgarh

PTI
UPDATED ON JAN 15, 2021 11:23 PM IST
The vaccination drive will cover over 2.67 lakh healthcare personnel and frontline workers in its first phase, state's mission director for the National Health Mission Priyanka Shukla said.
Close
Tezpur: A worker arranges boxes containing Covishield vaccine doses for their dispatch across the Sonitpur district, in Tezpur, Friday, Jan. 15, 2021. A countrywide COVID-19 vaccination drive is set to rollout from January 16, 2021. (PTI Photo) (PTI01_15_2021_000220B)(PTI)
Tezpur: A worker arranges boxes containing Covishield vaccine doses for their dispatch across the Sonitpur district, in Tezpur, Friday, Jan. 15, 2021. A countrywide COVID-19 vaccination drive is set to rollout from January 16, 2021. (PTI Photo) (PTI01_15_2021_000220B)(PTI)

Is Covid-19 vaccine mandatory?: All your FAQs about vaccination drive answered

By hindustantimes.com | Edited by Shivani
PUBLISHED ON JAN 15, 2021 11:00 PM IST
Healthcare workers, both in government and private sectors including Integrated Child Development Services(ICDS) workers, will receive the vaccine during this phase, the health ministry said in a statement.
Close
Union home minister Amit Shah is scheduled to attend programmes in Bengal on January 30 and 31. The party also wants to plan a rally to be addressed by Prime Minister Narendra Modi in the coming weeks. (ANI FILE PHOTO).
Union home minister Amit Shah is scheduled to attend programmes in Bengal on January 30 and 31. The party also wants to plan a rally to be addressed by Prime Minister Narendra Modi in the coming weeks. (ANI FILE PHOTO).

Bengal BJP leaders meet Amit Shah in Delhi, discuss poll preparedness

UPDATED ON JAN 15, 2021 10:56 PM IST
  • To meet Shah’s target of winning more than 200 of Bengal’s 294 assembly seats in 2021, the BJP has put together its biggest election machinery in the eastern state.
Close
The standoff between India and China along the LAC in Ladakh has entered its seventh month.(Representative Photo)
The standoff between India and China along the LAC in Ladakh has entered its seventh month.(Representative Photo)

Ladakh soldiers among first set of army personnel to get Covid-19 vaccine

UPDATED ON JAN 15, 2021 11:29 PM IST
  • More than 12,000 doses of the vaccine have reached Ladakh of which around 4,000 have been earmarked for armed forces personnel to protect them from Covid-19, the officials said speaking on condition of anonymity.
Close
Odisha health workers who under the banner of Odisha State Male and Female Multipurpose Health Workers'/Health Supervisors’ United Association.(HT Photo)
Odisha health workers who under the banner of Odisha State Male and Female Multipurpose Health Workers'/Health Supervisors’ United Association.(HT Photo)

Thousands of Odisha's healthcare workers say no to Covid-19 vaccine, here's why

By Debabrata Mohanty, Bhubaneswar
PUBLISHED ON JAN 15, 2021 09:54 PM IST
  • MPW workers demand promotion and cadre-restructuring.
Close
SHARE
Story Saved
OPEN APP