 "Arbitration court asks former Ranbaxy owners to pay Rs 3,500 cr to Daiichi Sankyo")
An arbitration court in Singapore has ordered former Ranbaxy owners Malvinder Singh and Shivinder Mohan Singh to pay Yen 56.2 billion (about Rs 3,500 crore) to Daiichi Sankyo over allegations they concealed key facts during a sale of the firm in 2008.
Daiichi Sankyo had claimed that former owners of Ranbaxy concealed and misrepresented certain information concerning US Food and Drug Administration (FDA) and Department of Justice investigations at the time of Daiichi Sankyo’s purchase of Ranbaxy in 2008. Hence, Daiichi had launched the arbitration proceedings against Singh brothers in 2013.
The judgment was pronounced by an arbitration court in Singapore on April 29. The amount of Yen 56.2 billion includes interest cost, lawyers' fee and amount incurred by Daiichi Sankyo in the arbitration process, according to a statement issued by Daiichi Sankyo on May 7, 2016.
Daiichi Sankyo had claimed that former owners of Ranbaxy concealed and misrepresented certain information concerning US Food and Drug Administration (FDA) and Department of Justice investigations at the time of Daiichi Sankyo’s purchase of Ranbaxy in 2008. Hence, Daiichi had launched the arbitration proceedings against Singh brothers in 2013.
The judgment was pronounced by an arbitration court in Singapore on April 29. The amount of Yen 56.2 billion includes interest cost, lawyers' fee and amount incurred by Daiichi Sankyo in the arbitration process, according to a statement issued by Daiichi Sankyo on May 7, 2016.