Rift between Ranbaxy’s Singh brothers gets physical, Daiichi moves contempt plea

Rift between Ranbaxy’s Singh brothers gets physical; Daiichi moves contempt plea

By PharmaCompass

2018-12-13

Impressions: 121 Article

The slugfest between the Singh brothers, former promoters of Ranbaxy, got murkier last week. In a video, Malvinder Singh, the former chairman and managing director of Fortis Health, alleged that his younger brother Shivinder Singh had assaulted him.

“Shivinder Mohan Singh assaulted me, he physically hit me. He hurt me. He injured me. He broke the button. He bruised me...kept threatening me and refused to budge until the team here came together and separated him from me,” Malvinder Singh said in a video, showing his bruises. Shivinder denied the allegations made by his brother.

The rift between the brothers became public in September, when Shivinder formally disassociated himself from his brother who he blamed for problems at the group.

But the siblings’ troubles for the week didn’t end with the physical and verbal assault. Daiichi-Sankyo moved a contempt plea against the Singh brothers and Indiabulls in the Supreme Court of India alleging that the two created encumbrances on 1.2 million shares of Fortis Healthcare held by Fortis Healthcare Holding despite the court’s orders against it. The court will hear Daiichi-Sankyo’s plea on December 13.

The feud between the two is unfortunate, as the brothers have ruined the legacy they inherited from their grandfather and father. Not long ago, Ranbaxy was India’s leading pharmaceutical business, that had been taken global by their father, late Parvinder Singh.

The brothers sold their Ranbaxy stake to Japanese drugmaker Daiichi Sankyo for US$ 2.4 billion in 2008. The sale took place months before the US Food and Drug Administration (FDA) banned imports from two of Ranbaxy’s Indian plants. That was the start of troubles for the duo, as Daiichi later took them to court for allegedly suppressing and misrepresenting facts at the time of sale. The Singhs have denied any wrongdoing and are contesting the rulings in both Singapore and India. Daiichi sold Ranbaxy to Sun Pharma for US$ 3.2 billion in 2014.

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