Singh Brothers Appear In Front Of CJI-Led Bench In Daiichi Case
The Supreme Court today asked Malvinder Singh and Shivinder Singh to explain how they propose to secure the arbitral award of around Rs 3,500 crore awarded in favour of Japanese pharmaceutical company Daiichi Sankyo Co.
The brothers appeared before the court in person following its order.
When hearing started, Senior Advocate Fali Nariman, who was appearing for Daiichi Sankyo, informed the court that the Singh brothers have filed an affidavit in which Malvinder expressed his bonafide to repay the company while Shivinder has said he has become a ‘Sadhu’ (ascetic).
“You’re coming to the Supreme Court for the first time, let’s hope it’s the last time,” said the Chief Justice before adjourning the case to March 28.
Here’s what the CJI said to the Singh brothers:
- It's not a question of Rs 4,000-5,000 crore. It's a question of honour.
- With so many ups and downs in your personal and professional lives, how do you propose to secure the award?
- Both the brothers for this purpose unite. It doesn't look good for the country.
What the CJI said to Shivinder Singh:
- If you're renouncing the world, it may be good for you, not good for us.
- You can't renounce the world when there is a decree against you. Now come back to the world.
Story So Far
In 2008, the Singh brothers agreed to sell their family firm Ranbaxy Laboratories Ltd. to Daiichi Sankyo for $4.6 billion. The same year the U.S. Department of Justice started a probe, resulting in a guilty plea by Ranbaxy and imposed a fine on them for selling adulterated drugs. In 2016, a Singapore tribunal ruled that the brothers had concealed and misrepresented critical information about the probe.
Malvinder and Shivinder Singh seem to have run out of legal options in India to avoid paying the Rs 3,500-crore award to Daiichi Sankyo after the Supreme Court earlier dismissed their appeal against a lower court verdict.
The only way to avoid payment is to challenge the original verdict by the Singapore court.
The Delhi High Court in January said the Singapore tribunal’s award was enforceable in India. “We can only say: wish you all the best for Singapore,” Justice Ranjan Gogoi had said earlier when delivering the two-judge panel’s verdict.