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SC Holds Ex-Ranbaxy Promoters Shivinder And Malvinder Singh In Contempt For Trying To Sell Stake In Fortis Healthcare
Malvinder Mohan Singh and Shivinder Mohan Singh (Photo by Ramesh Sharma/India Today Group/Getty Images)
Legal troubles continue to mount for former Ranbaxy promoters Shivinder and Malvinder Singh, as the Supreme Court today found the two brothers to have acted in contempt of its previous order barring them for divesting their holdings in Fortis Healthcare limited, reports India Today.
The apex court had earlier directed the duo to submit a plan before it on how they would comply with the arbitral award of Rs 3,500 crore of a tribunal in Singapore. The brothers are supposed to pay the said amount to Japanese pharmaceutical company Daiichi Sankyo.
The contempt suit had been brought forth by the Japanese company alleging that the two were compromising on the arbitral award by seeking to make a sale of their shares in Fortis to a Malaysian firm.
Even as the two have been held guilty of contempt, the quantum of sentence will be decided by the bench afterwards.
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