New Delhi: Former Ranbaxy promoters Malvinder Singh and Shivinder Singh have been held guilty of contempt of court by the Supreme Court. A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta said that they (Malvinder and Shivinder Singh) had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold.
The top court asked the Singh brothers to deposit Rs. 1,175 crore each, to get away from contempt. Furthermore, the SC said that they would hear the Singhs on the quantum of sentence later.
Notably, the court was hearing a contempt plea filed by Japanese pharma company Daiichi Sankyo against the Ranbaxy’s Singh brothers over non-payment of Rs 3,500 crore in an international arbitration award.
Earlier, the Supreme Court had asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo.
Last month, the Delhi Police had arrested ex-Ranbaxy and Fortis Healthcare promoter Malvinder Mohan Singh on grounds of cheating, fraud and misappropriation of funds. The brothers had been raided by the Enforcement Directorate (ED) in August.
Yesterday, they were arrested by the ED in connection with the money laundering case.
(With agency inputs)