Serving a stern warning to former Ranbaxy promoters Malvinder Singh and Shivinder Singh, the Supreme Court said today that they will be sent to jail if they were found guilty of contempt. It has decided to go ahead with the contempt proceedings against them.
The apex court expressed its dissatisfaction over replies of the former Ranbaxy promoters on payment of Rs 3,500 crore arbitral award amount to a Japanese firm. The court has fixed April 11 as the next date of hearing on the contempt petition against the promoters.
“You may own 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 observed.
Malvinder and Shivinder Singh have not paid up the Singaporean arbitration award of Rs 2,562 crore to Daiichi Sankyo. In March, the Supreme Court had asked the two former Ranbaxy promoters to apprise it how they propose to comply with the arbitral award passed against them by a Singapore tribunal.
Chief Justice Ranjan Gogoi-headed bench of the court had asked the Singh brothers to consult their financial and legal advisors and give a concrete plan on how they will comply with the tribunal’s order.
“You were the flag bearers of the pharmacare industry and it doesn’t look good that you are appearing in court,” the bench, also comprising justices Deepak Gupta and Sanjiv Khanna, had then remarked.
Japanese firm Daiichi Sankyo had approached the Supreme Court seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh.