The Hush Post| 13:04 pm |one-minute-read
The Supreme Court have asked former promoters of Ranbaxy and Fortis Healthcare Shivinder Singh and Malvinder Singh to be present in the court on March 28 after consulting their financial advisors on how they will comply with Singapore tribunal’s order.
The SC orders to this effect came on Thursday.
The apex court was hearing the plea of Japanese firm Daiichi Sankyo.
Daiichi Sankyo is asking for the recovery of Rs. 3,500 crore, awarded to it by a Singapore tribunal in its case against the Singh brothers.
The Singh brothers have to pay Rs. 2,500 crore to Daiichi Sankyo as per their undertaking.
The bench headed by Chief Justice Ranjan Gogoi asked the Singh brothers to seek the help of their financial and legal advisors and asked to give a concrete plan on how they will comply with the Singapore tribunal’s order.
Singh brothers were present in the court as per the apex court’s summons sent to them on request of Daiichi Sankyo seeking to stop stake sale of Fortis Hospital to IHH Healthcare Berhad, Malaysia.
“It is not about individual honour but it doesn’t look good for the country’s honour. You were the flag-bearers of the pharmacare industry and it doesn’t look good that you are appearing in court,” the bench also comprising of Justices Deepak Gupta and Sanjiv Khanna said. Earlier, one of the brothers in his affidavit said he had renounced the world.
To this, the CJI said, “Renouncing the world is good for you but not for us. Tell us how you propose to do? If you want time take it. Consult your accountants, financiers and legal advisers. But if you grab the microphone and start saying otherwise you will get into trouble.”
On December 14, 2018, the top court had stayed the stake sale of Fortis Hospital to IHH Healthcare Berhad, Malaysia.
Last month, Fortis Healthcare Ltd had petitioned market regulator Securities and Exchange Board of India (Sebi) to arrest its founders after the Singh brothers failed to repay Rs. 400 crore that the watchdog had found they had fraudulently taken out.
The company had earlier requested Sebi to use its legal authority to recover the money from Malvinder and Shivinder Singh.
The regulator in October had ordered the Singh brothers, formerly controlling shareholders, to return the money, plus interest, within three months.