Shivinder’s elder brother and Religare co-promoter, Malvinder, also an accused in the case was detained from Ludhiana. The case also included two top executives from the company, Kavi Arora and Anil Saxena, who had alleged involvement.
The Ranbaxy Laboratories, the famous Indian pharmaceutical company was found by Malvinder and Shivinder’s grandfather Bhai Mohan Singh. They also found Fortis which runs a chain of hospital across India.
Looks like there was no limelight that shook them apart but this, the family seem t have taken aback the business condolences for a while now. The brothers could not repay the loans besides pledging the shares to raise money.
The brothers, heirs to Ranbaxy laboratories Ltd, owed around 500$ million to Daichi Sankyo after a Singaporean court found them guilty of luring Japanese drug maker to purchase Ranbaxy by withholding information.
Furthermore, these companies are accused willfully defaulting in repayments and wrongful loss in RFL worth Rs 2397 crores. The default was also pointed out during the independent audit carried out by the RBI and market regulator Sebi.
With the news from India that former Ranbaxy CEO Malvinder Singh and his brother Shivinder have been arrested for alleged fraud, I want to offer a few thoughts from my decade of reporting #BottleofLies. (1) pic.twitter.com/sXw5a1AfVc
— Katherine Eban (@KatherineEban) October 11, 2019
Presently, … Radha Soami Satsang Beas (RSSB) head Gurinder Singh Dhillon and his family members Friday approached the Delhi High Court saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder Singh.
The Dhillons filed the application following the court’s direction to deposit the amount due to RHC Holdings Pvt Ltd in connection with the execution of Rs 3,500-crore arbitral award won by Japanese pharma major Daiichi Sankyo against former promoters of Ranbaxy LaboratoriesNSE 5.63 % Malvinder and Shivinder Singh.
Dhillons told the court that RHC Holding has made false claims that they owe money to the company.
Justice J R Midha sought response of RHC Holding, Singh brothers and Daiichi on the plea of Dhillons.
The turns and odds no more remain in favor of the Singh brothers and the road ahead doesn’t seem curvy with the Ranbaxy case!