You are here: Home » Companies » News
Business Standard

Daiichi case: Singh brothers to be jailed if guilty of contempt, warns SC

The Japanese firm's contempt plea against the Singh brothers seeks recovery of Rs 4,000 crore from them as directed by the Singapore tribunal.

Press Trust of India  |  New Delhi 

Shivinder Singh Malvinder Singh
Shivinder Singh (left) with Malvinder Singh (right)

The Supreme Court on Friday expressed dissatisfaction over the replies filed by former promoters and in response to its March 14 direction asking them to submit a concrete plan for paying Rs 4,000 crore to Sankyo as directed by a Singapore tribunal.

A bench headed by Chief Justice Ranjan Gogoi said it will now straightaway hear the contempt petition against the for non-payment of arbitral award amount to Japanese firm 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 promoters for hearing on April 11.

"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 said.

The Japanese firm's contempt plea against the seeks recovery of Rs 4,000 crore from them as directed by the Singapore tribunal.

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

Authority Defendant’s Date of filing of complaint/ hearing Complainant Reason
Supreme Court Malvinder Mohan Singh Shivinder Mohan Singh March 14, 2019 DaiiChi Sankyo Enforcement of the arbitration award by the Singapore International Court of Arbitration
SEBI - February 13, 2019 Fortis Healthcare Recovery of ICDs,
Economic Offences wing, SEBI, Delhi High Court, Malvinder Mohan Singh Shivinder Mohan Singh 24 Jan, 2019 Whistle blowers from Religare and Fortis Selling of unencumbered assets
The Economic Offences Wing (EOW) of the Delhi Police Ministry of Corporate Affairs Malvinder Mohan Singh Shivinder Mohan Singh Sunil Godhwani NK Ghosal Criminal Complaint lodged on 20 December, 2018. FIR filed Religare Finvest & Religare Enterprises ltd (section 210,212,447 of the act) Recovery of Rs 2315 crores
SEBI Malvinder Mohan Singh Shivinder Mohan Singh OCT 18, 2018 SEBI Directed Singh brothers to jointly repay Rs 4.03 billion with interest to Fortis Healthcare
Delhi High Court Malvinder Mohan Singh Shivinder Mohan Singh August 2, 2018 Daiichi Sankyo Froze all bank accounts.
Delhi High Court Malvinder Mohan Singh Shivinder Mohan Singh May , 2016 - Upheld the award. Maintain status quo
Singapore International Court of Arbitration Malvinder Mohan Singh Shivinder Mohan Singh !4, November, 2012 Daiichi Sankyo Fraud and misleading information regarding the sale of Ranbaxy

First Published: Fri, April 05 2019. 12:01 IST
RECOMMENDED FOR YOU