Court okays Ranbaxy settlement

The Delhi High Court today gave its nod to the compromise agreement arrived between Max India chairman Analjit Singh and his late brother Parvinder Singh's family.

Both the parties withdrew around 12 pending cases in the high court. Four other cases will come up for hearing tomorrow. Appearing before judge Vikramjit Sen, counsels for both the sides - Analjit, Ranbaxy chairman Malvinder Singh and his brother Shivender Singh and their mother Nimmi Singh (widow of Parvinder Singh) - submitted applications that they had reached a settlement in accordance with the family settlement and the Bhai Mohan Singh's will.

The applications seeking withdrawal of cases filed by both the parties in the high court stated that the family members have settled their disputes and differences amongst themselves and desired that the suits be disposed of in accordance with the terms agreed between them.

However, counsel Anil Airy, appearing for Bhai Mohan Singh's second son Manjit Singh, said that neither had he been a party to the settlement nor was a copy of the settlement served to him.

While submitting an application that he would continue to challenge the will probate, Manjit said that he was entitled to one-third share of his father's property, assets, holdings and shares.

It may be noted that Manjit was disowned by his father in the will. According to one of the applications, the executors of the will of Bhai Mohan Singh as well as the trustees of Bhai Mohan Singh Foundation have consented that 93,928 shares (of Rs 5 each) of Ranbaxy would be transferred to Malvinder as the principal male member of the Parvinder group.

As per the amicable settlement, the parties had consented to the claim of Nimmi Singh's family as the absolute owners of 1 South End Lane and others would have no right, title interest or share or claim, whatsoever over or on the property. Besides, the Nimmi Singh group would be entitled to get the same property transferred to their names.

It was also agreed that upon transfer of title of 1 South End Lane in favour of Nimmi Singh and her sons, the Nimmi family would hand over the transfer deeds and the share certificates representing all the Delhi Guest Houses shares held by them and Ranbaxy Laboratories in favour of Analjit or the persons nominated by him without paying any consideration for transfer of shares.

It also stated that in view of the settlement arrived at, the Nimmi family would withdraw or dispose of all other matters pending in various courts.