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National News

Apr 05, 2019
12:34PM

SC expresses dissatisfaction over replies filed by former Ranbaxy promoters

File Pic:PTI
The Supreme Court today has expressed dissatisfaction over the replies filed by former Ranbaxy promoters Malvinder Singh and Shivinder Singh in response to the court's 14th March direction asking them to submit a concrete plan for paying 4,000 crore Rupees to Daiichi Sankyo as directed by a Singapore tribunal.
   
A bench headed by Chief Justice of India Ranjan Gogoi said it will now straightaway hear the contempt petition against the Singh brothers for non-payment of arbitral award amount to Japanese firm Daiichi Sankyo and send them to jail if violation of its orders is established.
 
The bench, also comprising Justices Deepak Gupta and Sanjiv Khanna, has now fixed the contempt petition of the Japanese firms against the former Ranbaxy promoters for hearing on 11th April.
 
The Japanese firm's contempt plea against the Singh brothers seeks recovery of 4,000 crore Rupees from them as directed by the Singapore tribunal. 
 
Daiichi had bought Ranbaxy in 2008. Later, it had moved the Singapore arbitration tribunal accusing 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.

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