Christmas Cheer For Daiichi, Another Win Vs Ranbaxy Brothers
Daiichi Sankyo has secured another favorable ruling in Singapore in a case pertaining to the enforcement of the INR35bn arbitration award against the sparring Singh brothers of Ranbaxy, piling more pressure on the duo. An appeal remains an option.
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The Singh brothers' feud has moved from a war of words allegedly to blows, with any efforts at reconciliation looking bleak. The siblings also find themselves in tight spot as Daiichi Sankyo presses ahead to enforce a INR35bn damages award.
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.