Daiichi penalty: HC refuses to secure Singh brothers' assets

Directs compliance with previous undertaking by Ranbaxy promoters that Rs3,562-cr penalty is secured

The Delhi High Court on Tuesday asked Malvinder Singh and Shivinder Singh, former promoters of Ranbaxy Laboratories, to abide by their previous undertaking and ensure the penalty that the Singapore Tribunal had awarded in favour of Daiichi remained secured, pending the ongoing proceedings before the court.

This followed a submission by the Singh brothers to the court that capital infusion was necessary to run the multi-million dollar company. In August last year, the company had got shareholders’ consent enabling it to raise the requisite funds to run operations in the backdrop of a Rs 2,562-crore penalty that the Singapore arbitral