The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt in a case filed by Japanese drug manufacturer Daiichi Sankyo, PTI reported.
A bench of outgoing Chief Justice of India Ranjan Gogoi and Justice Deepak Gupta also held Fortis Healthcare guilty of contempt, NDTV reported. The court said the brothers can “purge” contempt by depositing Rs 1,175 crore each.
Daiichi Sankyo had filed the contempt petition against the brothers and accused them of disposing of their assets in violation of a court order putting on hold the acquisition of controlling stake in Fortis by Malaysian firm IHH Healthcare.
The top court also refused to lift stay on IHH Healthcare’s open offer for Fortis. “Issue of open offer to be decided when hearing the contempt case of Fortis,” it said.
In 2016, the brothers were asked to pay Rs 2,562 crore damages to Daiichi Sankyo to settle a dispute following the Japanese company’s acquisition of Ranbaxy. Daiichi had also said the former shareholders of the company had hidden information about US regulatory probes into Ranbaxy.
Malvinder Singh sent to custody in Religare Finvest case
Meanwhile, a court in New Delhi on Friday sent Malvinder Singh, who is also the former promoter of Fortis Healthcare, and former chief managing director of Religare Enterprises Ltd Sunil Godhwani to custody of the Enforcement Directorate till November 18, in a money laundering case related to alleged misappropriation of funds of Religare Finvest Limited, PTI reported. Malvinder Singh and Shivinder Singh had been arrested in the case last month.
The court held the proceedings at Tihar Jail because of an ongoing strike by lawyers in district courts, related to the clash between them and police personnel outside the Tis Hazari court on November 2. The Enforcement Directorate had on Thursday first taken Singh and Godhwani into custody.