Singapore SC dismisses Singh Bros' appeal against HC order

New Delhi: In another setback for former Ranbaxy promoters Malvinder and Shivinder Singh, a Singapore Supreme Court on Thursday dismissed their appeal against the order of the Singapore High Court which had earlier refused to set aside the arbitration award in favour of Japanese drug firm Daiichi Sankyo Inc.
This means that the Singh brothers can now no more delay payment to Daiichi Sankyo. Daiichi can now start the recovery proceeding in Singapore too and other foreign jurisdiction as well. The award has become binding for the Indian proceedings too.

Anand Pathak, Managing partner, P&A law offices, representing Daiichi Sankyo said, this judgment has brought finality to the appeal proceedings in this case. “We can now procced forward with focused enforcement of the arbitral award to recover for our client, Daiichi Sanko,” he said. Pathak further said this was the first time that the Supreme Court in Singapore has admitted Indian lawyers to argue the matter.

Daiichi had approached the Singapore arbitration tribunal in 2013 and the award came in its favour in April 2016, which asked them to pay Rs 3,500 crore as damages to drug firm Daiichi Sankyo for concealing and misrepresenting information during the stake sale of Ranbaxy Laboratories in 2008 to Daiichi.

Daiichi had earlier also moved Delhi High Court for enforcement of the award from the brothers. However, the Singh brothers challenged the petition. Further, in January, 2018 the Delhi High Court allowed Daiichi to recover over Rs 3,500 crore as damages from the brothers.