Singapore court rejects Singh brothers' plea challenging arbitral award of Rs 3,500 crore in favour of Daiichi
In 2008, Daiichi Sankyo had purchased a 34.82 percent stake in Ranbaxy from the Singh brothers for $2.4 billion.
May 29, 2020 / 12:05 PM IST
According to the EOW, the accused colluded with the former promoters of Religare Enterprises, Malvinder Mohan Singh and Shivinder Mohan Singh. (Image: Reuters)
The Singapore Court of Appeals has rejected a plea by former Ranbaxy promoters Malvinder and Shivinder Singh that sought to set aside an arbitral award of Rs 3,500 crore against them, CNBC-TV18 reported.
In a decision that favours Japanese drugmaker Daiichi Sankyo, the court refused to set aside the arbitral award payable by the Singh brothers. The court upheld the damages decided by a Singapore arbitration tribunal in 2016.
This was the last possible legal recourse for Singh brothers, who now have to pay Rs 3,500 crore to Daiichi Sankyo.
"This judgment has brought finality to the appeal proceedings in this case. We can now proceed forward with focused enforcement of the Arbitral Award and to recover for our client, Daiichi Sankyo," Anand Pathank, who represented Daiichi Sankyo said, as quoted by CNBC-TV18.
The damages related to misrepresentation of data by Ranbaxy to expedite drug approvals.
In 2008, Daiichi Sankyo purchased a 34.82 percent stake in Ranbaxy from the Singh brothers for $2.4 billion.