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SC to send Ranbaxy promoter to jail, if violate courts order

SC to send Ranbaxy promoter to jail, if violate courts order

Former Ranbaxy promoters Malvinder Singh and Shivinder Singh have disappointed the Supreme Court after they submitted report over the response to its March 14 direction that asking them to submit a concrete plan for paying Rs 4,000 crore to Daiichi Sankyo as directed by a Singapore tribunal.

Chief Justice Ranjan Gogoi heading a bench in Supreme Court said it would now straightaway hear the contempt petition against the Singh brothers for non-payment of arbitral award amount to the Japanese firm. it would land them into jail if they violate the orders is established.

SC now fix the contempt petition of the Japanese firm against the former Ranbaxy promoters for hearing on April 11. Bench comprising Deepka Gupta and Sanjiv Khanna said, ” You may be owning half of the world but there is no concrete plan as to how the arbitral amount would be realised. You said that somebody owed you Rs 6,000 crore. But this is neither here nor there.”

According the Singapore tribunal Japanese firm’s contempt petition seeks recovery of Rs. 4000 crore from Singh brothers. Ranbaxy bought in 2008 by Daiichi later it had moved to Singapore arbitrational tribunal accused that Singh brother had not concealed the information of probe by US Food and Drug Administration and Department of Justice while selling it.

 

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