New Delhi: The Supreme Court has sentenced the former directors of Ranbaxy Pharmaceutical Company Malvinder Singh and Shivinder Singh brothers to 6 months imprisonment in the fraud case.
Malvinder Singh and Shivinder Singh, the former directors of Ranbaxy, sold the company’s majority shares to Japan’s Daiichi Sankyo in 2008, hiding various important information. The Singapore Tribunal that heard the case in this regard ordered to pay damages of Rs.3,600 crores to Daisey.
In this case, another fresh petition was filed by Daisy against the Singh brothers and India Bulls. In the petition, Daisey alleged that the two parties pledged 1.7 lakh shares of Portis Healthcare despite the Supreme Court ban.
The Supreme Court yesterday sentenced the Singh brothers to 6 months in jail in the Dicey-Portis case. It also imposed a fine of Rs.5,000 on them.