He was detained on the intervening night of Thursday and Friday in Ludhiana and was formally arrested on Friday morning after he was brought to New Delhi by a team of the Economic Offences Wing, Additional Commissioner of Police (EOW) O P Mishra said.
Malvinder is accused of laundering money, punishable under sections 3 and 4 of the Prevention of Money Laundering Act.
One reform that Malvinder couldn't do was that of the company's board of directors. For long, doctors and scientists have been inadequately represented on the Ranbaxy board. The new owner will have to address this problem.
All medicines that have USFDA approvals continue to be produced in the Poanta Sahib facility. The USFDA has not given any approval for new drugs as they have some concerns. We are addressing them, Malvinder Singh said.
Singh said they will focus on Fortis Healthcare and Religare Financial Services after the acquisition.
Singh says Japanese pharma giant's allegations false.
Unperturbed by the concerns raised by the investment community, the Singh brothers, promoters of the Fortis hospital chain, recently completed the integration of their domestic and international health care businesses.
After completion of its mandatory tender offer in Fortis Healthcare and Fortis Malar Hospitals, Malaysian health care giant IHH Healthcare is aiming to add 2,000 beds in a bid to double down on value creation in India. IHH, which is Asia's largest multinational private healthcare provider, currently has over 5,000 beds across a combined network of 35 hospitals and 11 states.
Ranbaxy chief Malvinder Singh and Max Healthcare chairman Analjit Singh on Monday said they have reached a settlement on the will of Ranbaxy founder Bhai Mohan Singh and decided to withdraw all cases against each other.
The Supreme Court refused to interfere with an order dismissing Jacqueline Fernandez's plea to quash an ECIR in a Rs 200 crore money laundering case involving Sukesh Chandrasekhar.
The Japanese company alleges the earlier Ranbaxy promoters withheld crucial information when they sold the company in 2008.
Malvinder "forged the signatures" of Aditi Singh, Shivinder's wife, in the documents of RHC Holdings Pvt Ltd, which along with Oscar Investments Ltd jointly owned financial services firm Religare Enterprises Ltd and hospital chain Fortis Healthcare Ltd, it said.
According to a report, the Indian healthcare sector will need a total capital investment of Rs 1.62 lakh crore (Rs 1.62 trillion) to provide accessible and affordable healthcare during the 12th Plan period.
AAP national convenor Arvind Kejriwal will meet Punjab Chief Minister Bhagwant Mann, state ministers, and party MLAs in Delhi on Tuesday amid growing speculation about internal dissent in the party's Punjab unit following AAP's rout in the Delhi Assembly elections. The meeting is expected to focus on analyzing the Delhi election results and strategizing for the Punjab polls scheduled in 2027. The AAP's Punjab unit has faced questions about internal cohesion, with some suggesting that the party's leadership in Delhi continues to exert significant influence over Punjab's governance. There are also speculations that Kejriwal could consider a more direct role in Punjab politics now, with some political observers suggesting that he could contest from the vacant Ludhiana assembly seat.
Sebi on Tuesday sent a notice to 7 entities, including Malvinder and Shivinder Mohan Singh, asking them to pay Rs 48.15 crore within 15 days in a fund diversion case of Religare Finvest. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
The court posted the matter for hearing on October 22.
If the operating principle is that all members of a family must be given an equal role in the business and that they will not make way for better managers who are not members of the family (in other words, the feudal principle), it is hard to see such a company prospering for long in a competitive market.
A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold.
The Enforcement Directorate has recently arrested Chandrashekhar in a fresh money laundering case linked to duping former Religare promoter Malvinder Singh's wife by posing as the Union home and law secretaries.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The investigating officer of the Delhi police, in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.
After the Akal Takht on Friday declared Sukhbir Singh Badal 'tankhaiya' -- guilty of religious misconduct -- some leaders of the ruling Aam Aadmi Party as well as rebel Akalis called for the Shiromani Akali Dal chief to step down.
The fresh charges against Chandrashekhar pertain to Rs 3.5 crore that Malvinder Singh's wife Japna is alleged to have paid after she was conned that this money would be used to bail her husband out.
Sources said she had stopped eating for the past few days and had constantly been making calls and sending emails to the two brothers.
As he uses the Ranbaxy money to expand his other businesses, in India and abroad, this young scion is clear about one thing -- he's not going to fight battles he can't win.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
In 2014, Sun Pharma agreed to buy Ranbaxy -- which was then controlled by Daiichi.
Made possible through calculated decision on an unforeseen development.
Actor Jacqueline Fernandez on Monday arrived at the Patiala House court in the national capital in connection with the Rs 200 crores money laundering case involving alleged conman Sukesh Chandrashekhar.
Piramal Healthcare and SRL have entered into an agreement for SRL to acquire Piramal Diagnostics Services Ltd, Piramal said in a filing to the Bombay Stock Exchange.
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
Daiichi alleged that Singh brothers had concealed and misrepresented critical information concerning US Food and Drug Administration and Department of Justice investigations into Ranbaxy
The transaction, to be followed up by an open offer, puts the entire deal value between $3.4 billion and $4.6 billion.
The Enforcement Directorate (ED) on Thursday arrested former Fortis Healthcare promoter Shivinder Mohan Singh in a money laundering case related to the alleged misappropriation of funds at Religare Finvest. A team of ED officials went to Tihar Jail and placed Singh under arrest as per the provisions of the Prevention of Money Laundering Act.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
The legislator was taken into custody under provisions of the Prevention of Money Laundering Act after he was detained by agency officials from a public meeting he was holding in Malerkotla, they said.
Fortis Healthcare Executive Vice-Chairman Shivinder Mohan Singh is stepping down from his position to join a philosophical and spiritual organisation.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
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