Singh Brothers Asked To Pay Up $550m Arbitral Award To Daiichi

01 Feb 2018

• By Penelope MacRae

An Indian court has ruled that tycoons Malvinder and Shivinder Singh must pay Daiichi Sankyo $550m in damages originally awarded by a Singapore arbitration panel over the Japanese drugmaker’s ill-fated purchase of generic giant Ranbaxy.

Symbol of law and justice — COURT HAS UPHELD AN ARBITRATION AWARD AGAINST THE SINGH BROTHERS

The Delhi High Court judge’s decision requiring the Singh brothers to pay $550m in damages to Japanese drugmaker Daiichi Sankyo Co. Ltd. marks a big legal setback for the siblings who are already reeling under financial strain. The Singhs, known for their natty dress style and matching turbans, have been waging an eight-month court battle against Daiichi’s bid to enforce payment in India of the arbitration award made by a Singapore tribunal two years ago. (Also see "Golden Week For Daiichi: Damages Due From Ranbaxy Brothers" - Scrip, 9 May, 2016.)

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