Supreme Court warns Ranbaxy Promoters of Jail-time for not clearing dues of Japanese firm

Ranbaxy promoters, Malvinder Singh and Shivinder Singh, might get jail-time. They are accused of not clearing the dues worth Rs. 4000 crores, the fine directed by Singapore Tribunal, to the Japanese firm Daiichi Sankyo.

A bench headed by Chief Justice Ranjan Gogoi said it will now straightaway hear the contempt petition against the Singh brothers for non-payment of the arbitral award amount to Japanese firm Daiichi Sankyo. Apex Court might send them to jail if the violation of its orders is established. The Japanese firm’s contempt plea against the Singh brothers seeks recovery of Rs 4,000 crore from them as directed by the Singapore tribunal.

The bench, also comprising Justices Deepak Gupta and Sanjiv Khanna, has now fixed the contempt petition of the Japanese firms against the former Ranbaxy promoters for hearing on April 11.

“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,” the bench said.

Daiichi had bought Ranbaxy in 2008. Later, it had moved the Singapore arbitration tribunal accusing that the Singh brothers had concealed information that Ranbaxy was facing a probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.

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