The US arm of Ranbaxy pleaded guilty to seven felonies relating to the manufacture and distribution of certain adulterated drugs
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
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.
Facing arbitration claims by Daiichi Sankyo, Ranbaxy's former Indian promoters - Malvinder Mohan Singh, his brother Shivinder Mohan Singh and family - are counting on certain clauses in the share purchase agreement (SPA) signed with the Japanese company on June 11, 2008, to claim immunity from damages.
'... And I don't think it really is that despite a lot going wrong.' 'Naiveté or stupidity or trusting the wrong person, the outcome is the same, which is that the group has gone to trash.' 'I'm not OK with people saying I had a role to play in crooking the system, which is not what I did.'
Fortis Healthcare Executive Vice-Chairman Shivinder Mohan Singh is stepping down from his position to join a philosophical and spiritual organisation.
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.
The high court imposed various bail conditions on him, including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
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.
"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."
It's seen as a signal that he wants to engage with India Inc at a time when the economy has started looking up.
FDA had also issued warning letters to Ranbaxy's Paonta Sahib and Dewas facilities as it found extensive problems and deviations from manufacturing norms.
Godhwani's exit comes at a time when the company's fund raising plans and proposed related party transactions are under scrutiny, says N Sundaresha Subramanian.
Pakistani Prime Minister Nawaz Sharif has cancelled his visit to WEF annual meeting after a deadly Taliban attack in his country.
The annual talk-fest of rich and powerful from across the world in snow-laden Alpine resort town of Davos will be attended by nearly 40 heads of government among more than 2,500 global leaders from over 100 countries.
The babas' vote banks and the politicians' greed for en bloc votes, is the curse of Punjab and Haryana.
Those scheduled to attend the five-day WEF Annual meeting, beginning January 21, include more than 40 heads of state or government, including those from the UK, Australia, Japan, Iran, Israel, Pakistan, Brazil, Italy, Mauritius, Republic of Korea and Switzerland, WEF announced on Wednesday at a press conference in Geneva.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
A glance back at some of the important ups and down Indian Inc faced in 2018.
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