Supreme Court holds former Ranbaxy promoters Malvinder Singh and Shivinder Singh guily of contempt, refuses to lift stay on IHH Healthcare's takeover of Fortis.
It's Con-Tempting: On Friday, the Supreme Court held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt in a case filed by Japanese drugmaker Daiichi Sankyo.
The Bench, which comprised outgoing CJI Ranjan Gogoi and Justice Deepak Gupta, also held embattled hospital chain Fortis Healthcare guilty of contempt.
The contempt petition against the Singh brothers had been filed by Daiichi Sankyo over accusations of them disposing their assets in violation of a court order putting on hold the acquisition of controlling stake in Fortis by Malaysian firm IHH Healthcare.
The brothers had been arrested by Delhi Police in connection with a money laundering case for alleged misappropriation of funds of Religare Finvest Limited last month. Scroll.in
Additionally, the apex court has refused to lift the stay on the takeover of Fortis Healthcare by Malaysian operator IHH Healthcare. BS
Meanwhile, Radha Soami Satsang Beas (RSSB) chief Gurinder Singh Dhillon has admitted of his financial dealings with the Singh brothers. Although, he denied of “any liability” towards RHC Holdings, which was promoted by Malvinder and Shivinder Singh. ET Pharmaceuticals
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