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Malvinder Singh and Shivinder Singh, promoters of Fortis Healthcare, need to pay Japanese drug maker Daiichi Sankyo Rs 35 billion ($550 million), awarded in arbitration over the $4.6-billion sale of Ranbaxy Laboratories to Daiichi in 2008.
The verdict was pronounced by the Delhi High Court’s single-judge bench of Justice Jayant Nath. He rejected all objections raised by the Singh brothers and said the arbitration award was in line with Indian laws and policy. The ruling can still be appealed in a two-member panel of the Delhi HC or the Supreme Court.
The Japanese firm had moved the Delhi HC to
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