Endgame For Singh Bros As India’s Top Court Upholds $550m Daiichi Arbitration Panel Award

 
• By Penelope MacRae
  
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Tycoons Malvinder and Shivinder Singh have exhausted Indian legal avenues in their fight against enforcement of a Singapore arbitration panel order to pay $550m to Japanese firm Daiichi Sankyo and now must decide whether to take their battle to a Singapore court.

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It’s gone from bad to worse for billionaire brothers Malvinder Singh and Shivinder Singh, who were once the poster boys of the Indian pharmaceutical industry. First, India’s Supreme Court rejected the brothers' appeal against paying a INR35bn ($550m) arbitration award to Daiichi Sankyo Co. Ltd. for allegedly hiding vital information when they sold generic giant Ranbaxy Laboratories to the Japanese company in 2008.

Now it has also emerged that India’s Serious Fraud Office is investigating allegations that the siblings illegally siphoned off hundreds...

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