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Home / Corporate Law News / “How will you pay ₹3500 crore?”, SC asks Singh brothers in Ranbaxy-Daiichi Case

“How will you pay ₹3500 crore?”, SC asks Singh brothers in Ranbaxy-Daiichi Case

March 14, 2019:

On Thursday, the Supreme Court asked former Ranbaxy promoters Malvinder Singh & Shivinder Singh to apprise it how they propose to comply with the ₹3,500 crore arbitral award passed against them by a Singapore tribunal.

Singh Brothers
Singh Brothers

A bench headed by Chief Justice Ranjan Googi asked the Singh brothers, who were present in the Court, to consult their financial & legal advisors and give a concrete plan on how they will comply with the tribunal’s order.

“It’s not about individual honor but it doesn’t look good for the country’s honour.”

“You were the flag bearers of the pharma-care industry and it doesn’t look good that you are appearing in court,” the bench also comprising Justices Deepak Gupta & Sanjiv Khanna said.

The bench asked the Singh brothers to appear before it on March 28 and submit the plan, saying “hopefully it will be the last time you are appearing in the Court”.

The Apex Court was hearing the petition of Japanese firm Daiichi Sankyo which is seeking to recover ₹3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder & Shivinder Singh.

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