Hearing a petition by Japanese drug maker Daiichi Sankyo to recover Rs. 3,500 crores awarded to it by a Singapore tribunal, the Apex Court on Friday reprimanded Singh Brothers and warned them about imprison if found guilty in the contempt case.
Last month, the supreme court had asked the brothers to inform it on how they plan to fulfill with the order passed against them by the Singapore tribunal.
'You may be owning half of the world but there is no concrete arbitral plan', SC tells Singh brothers
The Supreme Court will hear a contempt petition against Malvinder Mohan Singh and his brother Shivinder Mohan Singh on April 11.
Also Read: Supreme Court asks ex-Ranbaxy promoters their plans on complying with arbitral award
Daiichi Sankyo in 2008 bought Ranbaxy company for $4.6 billion from Singh Brothers. However, the company was facing probe by the US Food and Drug Administration and the Department of Justice. It was accused of falsifying data and test results in pending and approved applications. Later, the USFDA banned more than two dozen Ranbaxy drugs from entering the country.
Daiichi moved to the Singapore arbitration tribunal claiming that the brothers had masked the data that Ranbaxy was facing investigation by the US Food and Drug Administration and the Department of Justice, while selling its shares. They also went on to win a compensation of $550 million dollar in that.