Former Ranbaxy promoters fined Rs 2,600 crore for suppressing facts

May 05, 2016 16:42

In a major setback to Malvinder Mohan Singh and Shivinder Mohan Singh, the erstwhile promoters of Ranbaxy Laboratories, the Singapore Court of Arbitration slapped a fine of about Rs 2,600 crore ($400 million) for suppressing facts while selling the company to Japanese pharmaceutical company Daiichi Sankyo in 2008, as per a report published in the Economic Times.

The promoters' stake was sold for $2.4 billion. Daiichi, that filed arbitration case in Singapore in 2013, has asked for compensation for losses it was forced to pay the US Department of Justice.

Daiichi, that filed arbitration case in Singapore in 2013, has asked for compensation for losses it was forced to pay the US Department of Justice.

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