The Supreme Court will be hearing Daiichi Sankyo's contempt petition against erstwhile promoters of Ranbaxy, Malvinder Singh and Shivinder Singh on Thursday. The case relates to the implementation of the $500 million arbitration award that the siblings were ordered to pay to the Japanese pharmaceutical major in 2016. As the bench headed by Chief Justice Ranjan Gogoi has previously made abundantly clear, the Singh brothers may be looking at jail time, if found guilty of violating past court orders.
However, their troubles don't end there. The third generation scions of the once-booming business house are also on the dock with the Securities and Exchange Board of India (Sebi) and Serious Fraud Investigation Office (SFIO) probing for financial mismanagement at other entities owned by them, including FHL and Religare Enterprises (REL). These probes created a deep rift between the brothers, making for some headline-grabbing allegations.
Miffed at their less-than-satisfactory responses, the bench on April 5 announces that it will straightaway hear Daiichi's contempt petition on the date of the next hearing, April 11, and will send the brothers to jail if found guilty. The court wants the duo to be present for the hearing scheduled for today.