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1-min read

ED Raids Premises of Former Ranbaxy Group Promoters Malvinder and Shivinder Singh

The Enforcement Directorate officials said the raids were conducted after the filing of a case under the Prevention of Money Laundering Act.

News18.com

Updated:August 1, 2019, 5:54 PM IST
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ED Raids Premises of Former Ranbaxy Group Promoters Malvinder and Shivinder Singh
File photo of Ranbaxy promoters Shivinder Singh (L), with his brother brother Malivnder Singh. (Image: REUTERS/Vivek Prakash/Files)
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New Delhi: The Enforcement Directorate (ED) on Thursday raided the premises linked to erstwhile Ranbaxy promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, in connection with a money-laundering case, agency officials said.

The ED officials said the raids were conducted after the filing of a case under the Prevention of Money Laundering Act (PMLA).

The action is being seen in the backdrop of charges of alleged financial irregularities against the two brothers and the subsequent downfall of their businesses.

In April, the Supreme Court had expressed dissatisfaction over the replies filed by the former Ranbaxy promoters in response to its March 14 direction asking them to submit a concrete plan for paying Rs 4,000 crore to Daiichi Sankyo as directed by a Singapore tribunal.

A bench headed by Chief Justice Ranjan Gogoi said it will now straightaway hear the contempt petition against the Singh brothers for non-payment of arbitral award amount to Japanese firm Daiichi Sankyo and send them to jail if violation of its orders is established.

"You may be owning half of the world but there is no concrete plan as to how the arbitral amount would be realised. You said that somebody owed you Rs 6,000 crore. But this is neither here nor there," the bench had said.

The Japanese firm's contempt plea against the Singh brothers seeks recovery of Rs 4,000 crore from them as directed by the Singapore tribunal.

Daiichi had bought Ranbaxy in 2008. Later, it had moved the Singapore arbitration tribunal accusing that the Singh brothers had concealed information that Ranbaxy was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.

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