SINGH BROTHERS FINED RS 2,600 CR FOR HIDING FACTS FROM DAIICHI

Mohammad Shahbaz Alam

New Delhi, Medicare News, May 15, 2016

Billionaire businessman Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh have been fined nearly Rs 2,600 crore, media reports say.
The erstwhile promoters of drug maker Ranbaxy were penalised for concealing and misrepresenting facts from Japanese pharmaceutical company, Daiichi Sankyo about its 2008 deal involving the sale of controlling stake in Ranbaxy.

The fine was decided by Singapore International Arbitration Centre (SIAC), which heard an arbitration case filed by Daiichi Sankyo in 2013. The Singh brothers, former Ranbaxy owners, had sold their stake to Daiichi Sankyo for $2.4 billion in 2008.

Japanese drugmaker Daiichi Sankyo later sold Ranbaxy to Mumbai-based Sun Pharma. The Singh brothers now run hospitals under the Fortis brand. They also own financial services firm Religare Enterprises.

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