SC tells Ranbaxy promoters to honour int'l award

The Supreme Court on Thursday told sparring Ranbaxy promoters Malvinder and Shivinder Singh to "unite" for purpose of honouring an arbitration award by a Singapore tribunal.  

"Take all consultation and tell by March 28 how you propose to secure Rs 3,500 Cr award," a bench presided over by Chief Justice Ranjan Gogoi told Singh brothers who personally appeared before the top court.

The court was hearing a plea by Daiichi Sankyo to stall sale deal between Fortis and Malaysian healthcare group IHH Bhd. The Singhs had shareholding in the chain of hospitals.

The Singapore International Arbitration Tribunal had ordered the Singhs to pay the amount for concealing information when its shares were sold to Japanese drugmaker Daiichi for US Dollar 4.6 billion in 2008.

On Thursday, the court was told Shivinder had renounced the world. However, his counsel claimed he had come back to the world.

"How do you propose to secure the award? If award is there, you have to honour it. There is an allegation of transfer of Rs 4000 Cr shares. It does not look good for the country," the bench, also comprising Justices Deepak Gupta and Sanjiv Khanna, said.

At the outset, senior advocate Fali S Nairman, appearing for Daiichi, told the court Shivinder said he had renounced the world and had become a 'Sadhu' (seer). So he is not anymore into money and business.

"If you have a debt to pay, your renouncing the world wouldn't matter to us. And now that your lawyer says you've come back to the world. Start thinking about money," the bench suggested him.

After a brief interaction with Malvinder, while Shivinder stood alongside, the bench said, "It is a question of honour. It doesn't do good for the country. You were once the flag- bearers of this country. Pay your debts and come out of this."

"This is perhaps your first time in the Supreme Court. And let the next appearance be the last time," the bench told the Singhs and put the matter for consideration on March 28.