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Accusations Fly In Messy Ranbaxy Compensation Battle

 
• By Penelope MacRae

The ongoing fight by Daiichi Sankyo for compensation from India’s Singh brothers over the company’s disastrous purchase of generic drugs giant Ranbaxy has heated up, with the Japanese firm now accusing the tycoons of not telling the truth about the value of assets meant to serve as security for damages.

Gavel

The lead lawyer for Daiichi Sankyo Co. Ltd. has accused Indian businessmen Malvinder Singh and his brother Shivinder of lying about the value of their investment firm RHC Holding Pvt Ltd. in an ongoing legal battle over compensation related to the Japanese firm’s ill-fated 2008 $4.6bn acquisition of Ranbaxy Laboratories Ltd., then controlled by the Singhs.

The brothers, who now own the leading Indian hospital chain Fortis Healthcare, have been waging a legal battle against a...

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