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Ex-Ranbaxy promoters fined $400mn for hiding info from Daiichi

Ex-Ranbaxy

Former Ranbaxy promoters Malvinder and Shivinder Singh, were fined USD 400 million fine by a Singapore court on account of concealment of information from Japanese pharma company Daiichi Sankyo. Malvinder and Shivinder Singh had sold their stake in Ranbaxy Laboratories to Daiichi way back in 2008, following which Ex-RanbaxyDaiichi-led Ranbaxy was forced to pay the US Department of Justice a sum of USD 500 million over non-compliance with US Food and Drug Administration’s testing norms.

Daiichi then moved an arbitral court in 2013, filing a case against the former promoters. On Thursday, the brothers were asked to pay up a fine of USD 400 million. At this point, there seems no legal remedy for the duo. The arbitral court cannot be challenged.

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