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SC holds Malvinder, Shivinder guilty of contempt in Daiichi Sankyo case

Daiichi Sankyo has alleged the brothers created encumbrances on 1.2 million shares of Fortis in violation of court orders

Press Trust of India  |  New Delhi 

Shivinder Singh (left) and Malvinder Singh
Shivinder Singh (left) and Malvinder Singh

The on Friday held former promoters Malvinder Singh and guilty of contempt of court for violating its order asking them not to divest their shares in Limited.

The apex curt had earlier asked the to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer

A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold.

The apex court said that they would hear the Singhs on the quantum of sentence later.

The Japanese firm had filed contempt petition against the former promoters alleging that execution of their arbitral award had been in jeopardy as the disposed of their controlling stakes in Fortis Group to the Malaysian firm.

First Published: Fri, November 15 2019. 11:20 IST
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