Daiichi Sankyo case: SC holds former Ranbaxy promoters Malvinder, Shivinder Singh guilty of contempt of court
FirstpostThe Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited New Delhi: The Supreme Court Friday held former Ranbaxy promoters Malvinder and Shivinder Singh guilty of contempt for violating its order that had asked them not to divest their shares in Fortis Healthcare Limited. The apex court had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them, in favour of Japanese drug manufacturer Daiichi Sankyo. Singh Brothers can purge contempt by deposit of Rs 1,175 cr each pic.twitter.com/BFuCHx2AW6 — CNBC-TV18 November 15, 2019 A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held them guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malaysian firm IHH Healthcare was put on hold. On 16 February last year, the Supreme Court had dismissed the Singh brothers’ appeal against the high court verdict upholding the international arbitral award, saying it was not inclined to interfere with it.