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Daiichi case: SC to pronounce verdict on Rs 3,500 crore arbitration award against Singh brothers

The Singh brothers stated that could pay the $500 million to compensate Daiichi only if they recover the money owed to them by RSSB chief Gurinder Singh Dhillon and his family

twitter-logo BusinessToday.In   New Delhi     Last Updated: November 15, 2019  | 10:44 IST
Daiichi case: SC to pronounce verdict on Rs 3,500 crore arbitration award against Singh brothers
Daiichi case: Singh brothers sold Ranbaxy to the Japanese drugmaker in 2008 for Rs 10,000 crore

The Supreme Court is scheduled to pronounce its verdict on Japanese drug maker Daiichi Sankyo's petition against Malvinder and Shivinder Singh's non-payment of the $500 million arbitration award. A bench of Chief Justice Deepak Gupta and Sanjiv Khanna is scheduled to pronounce the judgment on Friday.

Daiichi had earlier enforced an arbitration order in Singapore that ordered the Singh brothers to pay the amount over non-disclosure of crucial information during the sale of Ranbaxy Laboratories to the company in 2008.

In March, a contempt plea was filed against the Singh brothers for disposing of their assets in violation of the court order. BusinessToday.In had reported on March 12 that the Singh brothers could pay the $500 million to compensate Daiichi only if they recover the money owed to them by RSSB chief Gurinder Singh Dhillon and his family. In his submission, Malvinder had stated that he could pay Daiichi provided he recovers the money owed to him.

The Delhi High Court had also issued 'garnishee orders' against several Dhillon and RSSB associates' companies including Prius Real Estate, Addon Realty, Payne Realtors SGGD Projects, Luminous Holding. Garnishee order is an order issued a third party to recover money to settle a debt.

The Singh brothers sold Ranbaxy to Daiichi Sankyo in 2008 for Rs 10,000 crore. In 2013, Daiichi paid $500 as felony charges in the US for selling adulterated medicines, following which it filed an arbitration case against the Singh brothers.

Also read: Daiichi case: Delhi HC orders RSSB chief Dhillon & family, Singh brothers, Ghodhwanis to be present in court on November 14

Also read: Daiichi case: 6 days to deadline, RSSB chief Dhillon & family back off from court appearance; cite 'surgeries', 'satsang' as reasons

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