Supreme Court today held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited. The apex court had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of 3,500 crore rupees granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo.<br />''<br />'' A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta said that they 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 apex court said that they would hear the Singhs on the quantum of sentence later. The Japanese firm had filed a contempt petition against the former Ranbaxy promoters alleging that execution of their arbitral award had been in jeopardy.
News On AIR | November 15, 2019 2:37 PM
SC holds former Ranbaxy promoters Malvinder, Shivinder guilty of contempt of court