The supreme court on Friday demonstrated disappointment over the replies filed by former Ranbaxy promoters Malvinder Mohan Singh & Shivinder Mohan Singh and notified them that they would be sent to jail for disobeying orders to pay dues to Japanese firm Daiichi Sankyo. We have given you chance but you are unable to pay, “the court said.
The top court decided to go ahead with the contempt proceedings against them. The court has fixed April 11 as the next date of hearing on the contempt petition against the promoters.
Ranbaxy
promoters Malvinder Singh & Shivinder Singh have not paid up the
Singaporean arbitration award of Rs 3,500 crore to Daiichi Sankyo. Daiichi had
bought Ranbaxy in 2008.
Later, it had moved the Singapore arbitration tribunal accusing that the Singh brothers had concealed information that Ranbaxy was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.
In march the
Supreme court had asked the former promoters of pharmaceutical company Ranbaxy
to apprise it how they propose to comply
with the arbitral award passed against them by a Singapore tribunal.
“You may be owning half of the world but there is no concrete plan as to how the arbitral amount would be realised.” Said the bench.
You were the flag bearers of the pharmacure industry and it doesn’t look
good that you are appearing in court, the bench added.
