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Daiichi case: Former Ranbaxy promoters object to enforcement of Singapore arbitration award in India

Malvinder Singh and Shivinder Singh were accused of concealing information regarding wrongdoing at Ranbaxy when they sold a majority stake in it to the Japanese firm in 2008

Sayan Ghosal  |  New Delhi 

Malvinder Singh and Shivinder Singh, former promoters of Ranbaxy Laboratories Ltd, submitted their objections before the Delhi High Court on Monday with regard to the enforcement of Rs 2,562-crore penalty that the Singapore tribunal had awarded in favour of Daiichi Sankyo. Daiichi had approached the Delhi High Court earlier this year seeking enforcement of the arbitral award, as well an additional sum of Rs 1,000 crore in interest payments and lawyers fees incurred in association with the proceedings. The international award comes in the backdrop of arbitral proceedings ...

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