Malvinder, who has made his family richer by Rs 10,000 crore (Rs 100 billion), was brought up in relative austerity. While his cousins zipped around the town in fancy cars, he would travel to college in Delhi Transport Corporation (DTC) buses.
Whistle-blowers allege the brothers violated court orders by selling assets like art and real estate worth crores bought by funds from their companies.
Sources say the firm had to act to calm Japanese investors, restive at the flow of bad news.
The Opposition targeted Mann on Monday, alleging that he was deplaned from a Delhi-bound aircraft at the Frankfurt airport as he was drunk, a charge dismissed by the ruling Aam Aadmi Party as baseless.
The Opposition on Monday targeted Punjab Chief Minister Bhagwant Mann, alleging that he was deplaned from a Delhi-bound flight at the Frankfurt airport as he was 'drunk', a charge denied by the ruling AAP as baseless.
In 2008, Daiichi Sankyo had bought the entire 34.82 per cent stake in Ranbaxy from its promoters, Malvinder Mohan Singh and family, for $4.2 billion. Currently, Singh is executive chairman of Fortis Healthcare.
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
Promoter of Ranbaxy Laboratories, Malvinder Mohan Singh, not only sold a strategic stake in his company to Japanese pharma major Daiichi Sankyoand, he even managed to get a good increment for himself. According to the company's extraordinary general meeting notice, Singh will now earn a salary and allowances of Rs 25 crore per annum as against Rs 19.58 crore earlier.
Malvinder Singh, President (Pharmaceuticals) and Executive Director, Ranbaxy, says the company aims to touch $5 billion in revenues by 2012, with growth coming from American and European markets.
Sarari has resigned from the cabinet of Chief Minister Bhagwant Mann, confirmed a senior leader of the ruling AAP.
Singh, who was instrumental in building required capabilities in the organisation said his role at Fortis did not allow him to spend time with his family, as the reason behind his resignation.
Aam Aadmi Party candidate Sushil Rinku on Saturday won the Jalandhar Lok Sabha by-election, defeating his nearest rival and Congress nominee Karamjit Kaur Chaudhary by a margin of 58,691 votes.
Markets regulator remains silent but could probe possible violations of takeover code or under fraudulent trade practices, say lawyers.
Punjab Chief Minister Bhagwant Mann, 48, will tie the nuptial knot in Chandigarh on Thursday, party leaders confirmed.
The high court imposed various bail conditions on him, including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
In August, the ED had raided the residential premises of former Ranbaxy CEO Malvinder Mohan Singh and his brother Shivinder Singh in connection with a money laundering case.
The Rs 1,550-cr deal expected to be completed by March.
A few people held a protest against the Punjab Police in Mansa for allegedly stopping them from entering the Moosa village by deploying heavy security ahead of Mann's visit.
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
Religare Enterprises, the financial services group promoted by Malvinder Singh and Shivinder Singh, was in advance talks with the Ajay Piramal group to buy a 60 per cent stake in the latter's private equity and fund management venture, Indiareit Fund Advisors, for Rs 175 crore, said an executive close to the development.
Congress MLA Sukhpal Singh Khaira was arrested by the Punjab Police in connection with a 2015 drugs case on Thursday morning, official sources said.
Religare Enterprises founders Malvinder Singh and Shivinder Singh on Wednesday made an open offer to the company shareholders at Rs 457 a share, which will increase their stake further by 20 per cent.
Fortis Healthcare, promoted by former Ranbaxy owners Malvinder Singh and Shivinder Singh, will raise Rs 1,000 crore (Rs 10 billion) through a rights issue by the first week of August, to fund its expansion plan.
The bitter dispute in the Ranbaxy promoter family took an ugly turn on Wednesday with one section approaching the police against the other, alleging 'illegal construction' at the palatial family house in the heart of the city.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
Insurance companies, which are major shareholders in the country's biggest drug maker Ranbaxy Laboratories, said they will sell part of their stake in the company to the highest bidder.
It is of course a coincidence, but the pace of corporate news in India is accelerating while the new government, whose election last week sparked a surge of corporate optimism and a stock market boom, dithers over which ministers to appoint to which jobs.
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
The Daiichi Sankyo-Ranbaxy deal is facing a new hurdle, following an objection from the stock exchanges over completing the stake sale transaction through the block deal window, forcing the Ranbaxy promoter Malvinder Singh and his family to pay about Rs 1,000 crore from the sale as tax to complete the transaction.
Under the banner of the CII, domestic drug majors have approached Cabinet Secretary BK Chaturvedi for being allowed to present their views on the new pharmaceutical policy, scheduled to be discussed by the Union Cabinet on Thursday.
The incident is being seen as a major intelligence failure as the office houses the state counter intelligence wing, special task force and some other units.
"We are responding to all queries from US FDA and will emerge as a stronger player in the world's biggest pharmaceutical market," Ranbaxy Chairman and Managing Director Malvinder Singh said. The US, which accounts for 20 per cent of Ranbaxy's $1.5-billion annual turnover, has an import restriction on 30 of its medicines by the US Food and Drugs Authority.
The chief minister accused the Governor of interfering in the state government's affairs and, replying to Purohit's letter made public Monday, indirectly questioned his credentials for the post.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances