Singh Brothers Asked To Pay Up $550m Arbitral Award To Daiichi
An Indian court has ruled that tycoons Malvinder and Shivinder Singh must pay Daiichi Sankyo $550m in damages originally awarded by a Singapore arbitration panel over the Japanese drugmaker’s ill-fated purchase of generic giant Ranbaxy.
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Tycoons Malvinder and Shivinder Singh have exhausted Indian legal avenues in their fight against enforcement of a Singapore arbitration panel order to pay $550m to Japanese firm Daiichi Sankyo and now must decide whether to take their battle to a Singapore court.
Incriminating details in an arbitration order against the former Ranbaxy top brass led by the Singh brothers has put the spotlight back on allegations of misrepresentation of critical information concerning the US Department of Justice (DoJ) and FDA investigations against the Indian company at the time of its takeover by Daiichi Sankyo. The Singh brothers, who have challenged the award, though, have cried foul, questioning the timing of the apparent leak of the "confidential" award ahead of a court hearing.
In what seems like some consolation for Daiichi Sankyo after its disastrous acquisition of Ranbaxy Laboratories and subsequent divestment of the Indian company, arbitration proceedings in Singapore against the Singh brothers of Ranbaxy have gone the Japanese firm's way.