Ranbaxy’s former promoters refuse to pay Rs 2562 crore to Daiichi

India Infoline News Service | Mumbai | March 20, 2017 16:50 IST

Former Ranbaxy promoters, Malvinder Singh and Shivinder Singh have challenged the order of paying Rs 2562 crore to Daiichi Sankyo, a Japan based pharma company, as a part of an arbitration award.

Former Ranbaxy promoters, Malvinder Singh and Shivinder Singh have challenged the order of paying Rs 2562 crore to Daiichi Sankyo, a Japan based pharma company, as a part of an arbitration award.

Malvinder Singh and Shivinder Singh claimed Daiichi Sankyo has made huge profits by purchasing a majority shareholding in Ranbaxy in the year 2008.

In the previous year, a Singapore tribunal had directed Malvinder Singh and Shivinder Singh to pay Rs 2562 crore to Daiichi Sankyo as damages for hiding details regarding wrongdoing at Ranbaxy and selling it at $4.6 billion in 2008.

The brothers have challenged this verdict in the Delhi High Court & in Singapore.

In a fresh filed application, the Singh brothers claimed that the Japanese pharma company has availed of Rs 8000 crore monetary benefits during the buying and selling of Ranbaxy.

The application also says Daiichi Sankyo has made further profits by sale of its stake in Ranbaxy to Sun Pharmaceuticals in 2015. 

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