Home >Companies >News >Daiichi Sankyo opposes Singh brothers settlement talks with Religare
Police escort Malvinder Singh and his brother Shivinder Singh inside a court premises (Photo: Reuters)
Police escort Malvinder Singh and his brother Shivinder Singh inside a court premises (Photo: Reuters)

Daiichi Sankyo opposes Singh brothers settlement talks with Religare

  • The settlement talks between the Singh brothers and RFL remained inconclusive as no proposal was given by former Rambaxy promoters
  • The Daiichi Sankyo case has been going on since a Singapore tribunal in April 2016 passed an arbitral award in Daiichi Sankyo’s favour

NEW DELHI : Daiichi Sankyo on Wednesday opposed the settlement talks of the Singh brothers with Religare Finvest Limited (RFL) in connection to the misappropriation case. The court was informed by the counsels that an application would be moved to this effect by the pharmaceutical company.

Senior advocates Arvind Nigam and Arun Kathpalia told the court that the Singh brothers shouldn't be allowed to settle claims without the prior permission of the court.

Meanwhile, the settlement talks between the Singh brothers and RFL remained inconclusive as no proposal was given by former Rambaxy promoters, a Delhi court was informed on Wednesday. The court on 17th October had sent former Ranbaxy promoters to 14 days judicial custody in the case filed by Religare Finvest Limited (RFL) on allegedly causing wrongful loss worth rupees 2397 crores to the company.

The Daiichi Sankyo case has been going on since a Singapore tribunal in April 2016 passed an arbitral award in Daiichi Sankyo’s favour, holding that Malvinder and Shivinder Singh had concealed information that their company -- Ranbaxy Laboratories -- was facing probe by the US Food and Drug Administration and the Department of Justice while selling its shares in the company to the Japanese firm.

On 31 January, 2018, Delhi high court had upheld the enforceability of the award passed by a Singapore tribunal, which had found the Singh brothers and others guilty of making false claims in a self-assessment report, and of misrepresenting and concealing the “genesis, nature and severity of the US regulatory investigations" into Ranbaxy Laboratories when Daiichi-Sankyo bought their 34.82% stake for $2.4 billion in 2008. Malvinder Singh had said the 3,500-crore arbitration award could be paid if the money owed was recovered.

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

Close
×
My Reads Logout