SC holds former Ranbaxy promoters guilty of contempt

November 15, 2019 15:20

The Supreme Court Friday held former Ranbaxy promoters Malvinder and Shivinder Singh guilty of contempt for violating its order that had asked 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 Rs 3,500 crore granted by a Singapore tribunal against them, in favour of Japanese drug manufacturer Daiichi Sankyo.

A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held them guilty of contempt of court and 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 it would hear the Singhs on the quantum of sentence later. -- PTI

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