Malvinder and Shivinder Mohan Singh fined Rs 2600cr for withholding facts from Daiichi during $2.4 bn Ranbaxy sale
Advertisement
Advertisement
Also read: Ranbaxy Denies Being Barred From Germany
The Japanese pharmaceutical company had filed the arbitration case in 2013 in Singapore, in which it had accused the Indian promoters of concealment and misrepresented facts. Further, it had asked to be compensated for losses it had to suffer.
The arbitration order has come as a major setback for Malvinder Mohan Singh, whose Younger brother Shivinder Mohan Singh has already stepped down from the executive role of group companies. He has since joined the Radha Soami Satsang Beas, the Punjab-based philosophical and spiritual organization headquartered in Beas near Amritsar.
It was in May 2013 that Ranbaxy, which was under the management control of Daiichi, was forced to reach a $500-million settlement with the US Department of Justice since it had faked test results to get FDA approvals for its medicines.
Advertisement
The US subsidiary of Ranbaxy had pleaded guilty to seven felonies relating to the manufacture and distribution of certain adulterated drugs made at its Indian units, and had even agreed to pay the money to settle all the criminal and legal suits.
In 2014, however, Daiichi, finally decided to exit from the company after spending over nearly $4 billion for Ranbaxy’s 58% stake, merging it with home grown multinational Sun Pharma.
Also read: Sun Pharma hands out walking papers to 18 top Ranbaxy executives
Image source
Advertisement
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’