Supreme Court rejects Ranbaxy’s appeal against Delhi HC order to pay Rs 3,500 crore to Japanese firm
Daiichi Sankyo had alleged that Ranbaxy’s former owners had lured it into a deal by withholding information.
The Supreme Court on Friday rejected an appeal by former Ranbaxy Laboratories owners Malvinder and Shivinder Singh against a Delhi High Court order allowing Japanese pharmaceutical company Daiichi Sankyo Limited to recover Rs 3,500 crore from them, ANI reported.
“We are not inclined to interfere [in the recovery of the amount],” Justice Ranjan Gogoi said according to Mint. “Our answer at the moment is no.”
On January 31, the Delhi High Court allowed Daiichi Sankyo to enforce a foreign award ordering Malvinder and Shivinder Singh and 13 others to pay Rs 3,500 crore for allegedly luring the Japanese drug maker to purchase Ranbaxy by withholding information. The arbitration tribunal in Singapore had asked the Singh brothers in 2016 to pay Rs 2,563 crore in damages, plus interest of 4.44% per year from November 7, 2008 to the date of the award.
The Singh brothers then approached the Supreme Court.
Sun Pharmaceuticals eventually purchased Ranbaxy from Daiichi Sankyo in 2015 for $3.2 billion (Rs 20,600 crore).