Fortis' Malvinder & Shivinder Singh say they are not going anywhere

Fortis Healthcare promoters Malvinder Mohan Singh and Shivinder Mohan Singh on Thursday assured all the stakeholders that they are not going anywhere and will address the issue with responsibility and sincerity.

"We assure that we are NOT going anywhere and are addressing the issues with responsibility and sincerity. We will not shy away from any and all processes, questions, clarifications that need to be addressed; and we will provide all cooperation to ensure that the truth comes forth. We urge all of our stakeholders to support us in this effort and stand by us to enable us to fulfill our commitments and address the issues in the right manner," Singh Brothers said in a press statement. The duo had resigned as directors from the company's board following the Delhi High Court order upholding the Rs 35 billion arbitral award in favour of Daiichi Sankyo.

The Delhi High Court had on January 31 upheld an international arbitral award of Rs 35 billion passed in favour of Japanese pharma major Daiichi Sankyo, which has alleged that the former promoters of India's Ranbaxy Laboratories had concealed information about proceedings against them by American food and drug department. A tribunal in Singapore had passed the verdict in favour of Daiichi holding that the former Ranbaxy promoters and brothers, Malvinder Singh and Shivinder Singh, had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.

In the statement, Singh Brothers claimed that many opinions and perceptions about them are based on limited information and don’t necessarily reflect reality or the truth. "We wish to say that given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities. Matters as large and complex as the ones being faced cannot be simplistically addressed and solutions require time," they said.