SC To Hear Contempt Case Against Singh brothers On April 11

The Supreme Court directed former Ranbaxy promoters, Malvinder and Shivinder Singh, to appear before it on April 11 in connection with the pleas relating to the sale of controlling stakes of Fortis Healthcare by them to Malaysian IHH Healthcare Berhad.

The court observed it would like to hear the contempt case against Singh brothers to know their explanation of the various undertakings they had given to Daiichi Sankyo and why they had not followed them.

The Supreme Court was dissatisfied over replies of ex-Ranbaxy promoters on payment of Rs 4,000 crore arbitral award amount to the Japanese firm.

The court will also examine affidavits filed by both Malvinder and Shivinder Singh regarding the settlement of the arbitration award.

“We will go ahead with contempt proceedings and send ex-Ranbaxy promoters to jail if there is order violation,” the apex court said on arbitral award.

The bench, also comprising Justices Deepak Gupta and Sanjiv Khanna, has now fixed the contempt petition of the Japanese firms against the former Ranbaxy promoters for hearing on April 11.

“You may be owning half of the world but there is no concrete plan as to how the arbitral amount would be realised. You said that somebody owed you Rs 6,000 crore. But this is neither here nor there,” the bench said. – CNBC18