How Singh brothers got into trouble - bit by bit

How Singh brothers got into trouble - bit by bit

The trouble is related to the implementation of the $500 million arbitration award that Singh brothers were ordered to pay to to Daiichi Sankyo in 2016. Besides, the siblings are caught in a financial mismanagement case in entities owned by them, including FHL and Religare Enterprises (REL).

The case relates to the implementation of the $500 million arbitration award that Singh brothers were ordered to pay to the Japanese pharmaceutical major in 2016.
BusinessToday.In
  • New Delhi,
  • Apr 11, 2019,
  • Updated Apr 11, 2019, 4:26 PM IST

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.

Also read: Singh brothers case: Shivinder drew Rs 9 crore salary during 'retirement'; misled SC about 'Sanyaas'

Also read: Why the Singh brothers could be going to jail

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.

Also read:SEBI directs RFL, REL to recall loans worth over Rs 2,300 cr from Singh brothers, others

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.

Also read: SEBI directs RFL, REL to recall loans worth over Rs 2,300 cr from Singh brothers, others

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