Singh brothers resign after HC upholds Rs 3,500 cr arbitral award to Japanese pharma

Agencies
February 9, 2018

Fortis Healthcare promoters Malvinder Mohan Singh and Shivinder Mohan Singh have resigned as directors from the company’s board following the Delhi High Court order upholding the ₹3,500 crore arbitral award in favour of Daiichi Sankyo.

The Singh brothers have jointly tendered their resignation to the Board of Fortis Healthcare, which will discuss it in the meeting on 13 February, the company said in a filing to the BSE.

“Malvinder Mohan Singh, Executive Chairman and Shivinder Mohan Singh, Non-Executive Vice Chairman have tendered their resignation from the directorships of the company,” Fortis Healthcare said.

The resignation is intended to free the organisation from any encumbrances that may be linked to the promoters, the letter said.

“In light of the recent High Court judgement upholding the plea of Daiichi Sankyo to enforce the arbitration award, we believe this is in the interest of propriety and good governance,” it said.

The Delhi High Court had on 31 January upheld an international arbitral award of ₹3,500 crore passed in favour of Japanese pharma major Daiichi Sankyo, which has alleged that the former promoters of India’s Ranbaxy Laboratories had concealed information about proceedings against them by American food and drug department.

A tribunal in Singapore had passed the verdict in favour of Daiichi holding that the former Ranbaxy promoters and brothers, Malvinder Singh and Shivinder Singh, had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.

With the resignation of the promoters, the board will be “better enabled and empowered to guide the future direction of the organisation without anyway being hampered by the Daiichi Sankyo judgement and our association at the Board,” the letter said.

“The members of the board are also requested to look into all inter-group transactions and distance the promoter group from Fortis Healthcare Ltd in a manner that enables continuity of the operations of the organisation and deliver on its mission of enriching and saving lives,” the Singh brothers wrote in the letter.

The High Court order paved the way for enforcement of the 2016 arbitral award passed by the Singapore tribunal against the Singh brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for ₹9,576.1 crore. Sun Pharmaceuticals Ltd later acquired the company from Daiichi.

Daiichi had approached the High Court in 2016 to seek the enforcement of a ₹2,562 crore Singapore arbitral award passed in April 2016, along with an additional claim of interest and lawyers’ fees incurred in connection with the proceedings.

The tribunal’s award had come after the Japanese company invoked arbitration clause against Singhs alleging that they concealed important information while selling Ranbaxy in 2008.

Daiichi had entered into a settlement agreement with the US Department of Justice, agreeing to pay USD 500 million penalty to resolve potential, civil and criminal liability.

The company had then sold its stake in Ranbaxy to Sun Pharmaceuticals for ₹22,679 crore in 2015.

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News Network
December 1,2025

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Udupi, Dec 1: A horrific case of alleged rape has unfolded in Udupi, where a worker from a Hindutva organisation, previously arrested and released on bail for harassing a young woman, is now accused of waylaying and sexually assaulting her.

The arrested individual has been identified as Pradeep Poojary (26), a member of the Hindu Jagarana Vedike's Nairkode unit in Perdur.

Poojary had allegedly been relentlessly harassing the young woman, pressuring her to marry him. When she bravely stood up to him and refused his demands, she filed a formal complaint at the Hiriyadka police station. He was subsequently arrested in that initial harassment case but was later granted bail.

According to police reports, driven by the same malicious grudge, Poojary allegedly intercepted the woman again on November 29. While she was walking through a deserted area, the accused is claimed to have threatened her by grabbing her neck. When she again refused to marry him, he allegedly proceeded to rape her.

The survivor immediately informed her family about the traumatic assault. Following this, her parents lodged a complaint at the Udupi women’s police station.

Police arrested Poojary again and produced him before the court. He has since been remanded to judicial custody.

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News Network
November 26,2025

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Bengaluru, Nov 26: Karnataka is taking its first concrete steps towards lifting a three-decade-old ban on student elections in colleges and universities. Deputy Chief Minister D.K. Shivakumar announced Wednesday that the state government will form a small committee to study the reintroduction of campus polls, a practice halted in 1989 following incidents of violence.

Speaking at a 'Constitution Day' event organised by the Karnataka Congress, Mr. Shivakumar underscored the move's aim: nurturing new political leadership from the grassroots.

"Recently, (Leader of the Opposition in Lok Sabha) Rahul Gandhi wrote a letter to me and Chief Minister (Siddaramaiah) asking us to think about restarting student elections," Shivakumar stated. "I'm announcing today that we'll form a small committee and seek a report on this."

Student elections were banned in Karnataka in 1989, largely due to concerns over violence and the infiltration of political party affiliates into campus life. The ban effectively extinguished vibrant student bodies and the pipeline of young leaders they often produced.

Mr. Shivakumar, who also serves as the Karnataka Congress president, said that former student leaders will be consulted to "study the pros and cons" of the re-introduction.

Acknowledging the history of the ban, he added, "There were many criminal activities taking place back then. We’ll see how we can conduct (student) elections by regulating such criminal activities."

The Deputy CM reminisced about his own journey, which began on campus. He recalled his political activism at Sri Jagadguru Renukacharya College leading to his first Assembly ticket in 1985 at the age of 23. "That's how student leadership was at the time. Such leadership has gone today. College elections have stopped," he lamented, adding that for many, college elections were "like a big movement" where leaders were forged.

The move, driven by the Congress high command's push to cultivate young talent, will face scrutiny from academics and university authorities who have, in the past, expressed concern that the return of polls could disrupt the peaceful academic environment and turn campuses into political battlegrounds.

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News Network
December 2,2025

Puttur: The long-cherished dream of a government medical college in Puttur has moved a decisive step closer to reality, with the Karnataka State Finance Department granting its official approval for the construction of a new 300-bed hospital.

Puttur MLA Ashok Kumar Rai announced the crucial development to reporters on Monday, confirming that the official communication from the finance department was issued on November 27. This 300-bed facility is intended to be the cornerstone for the establishment of the government medical college, a project announced in the state budget.

Fast-Track Implementation

The MLA outlined an aggressive timeline for the project:

•    A Detailed Project Report (DPR) for the hospital is expected to be ready within 45 days.

•    The tender process for the construction will be completed within two months.

Following the completion of the tender process, Chief Minister Siddaramaiah is scheduled to lay the foundation stone for the project.

"Setting up a medical college in Puttur is a historical decision by the Congress government in Karnataka," Rai stated. The project has an estimated budget allocation of Rs 1,000 crore for the medical college.

Focus on Medical Education Department

The MLA highlighted a key strategic move: requesting the government to implement the hospital construction through the Medical Education Department instead of the Health and Family Welfare Department. This is intended to streamline the entire process of establishing the full medical college, ensuring the facilities—including labs, operation theatres, and other necessary infrastructure—adhere to the strict guidelines set by the Medical Council of India (MCI). The proposed site for the project is in Bannur.

Rai also took the opportunity to address political criticism, stating that the government has fulfilled its promise despite "apprehensions" and "mocking and criticising" from opposition parties who had failed to take similar initiatives when they were in power. "Chief Minister Siddaramaiah has kept his word," he added.

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