Ranbaxy Family Feud: Transparency And Ethics “Continuously Negated” Says Younger Brother
The Singh brothers of Ranbaxy are now engaged in a bitter feud, with the younger sibling Shivinder hauling his brother Malvinder to the National Company Law Tribunal over alleged mismanagement of group firms. It remains to be seen how things play out but Daiichi Sankyo, which is pressing for enforcement of an arbitration award against the brothers, may well claim "we told you so."
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The Singh brothers of Ranbaxy have been arrested over allegations of financial fraud and things appear headed further downhill. Daiichi Sankyo is also separately pursuing enforcement of damages against the brothers.
India’s Supreme Court has told Malvinder Singh and Shivinder Singh, once corporate billionaires, to work out a strategy within two weeks to pay Japanese drug giant Daiichi Sankyo a $500m arbitration award and "uphold the nation’s honor."
Daiichi Sankyo has demanded that an Indian court block a mega-deal to sell Indian hospital chain Fortis to a local healthcare provider until the hospital chain’s founders, Malvinder Singh and Shivinder Singh, pay a $550m international arbitration award to the Japanese drugmaker.