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Case Details |
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Case Code: LAW002
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| Case Length: 3 Pages |
| Period: 2008-2016 |
| Pub Date: 2016 |
| Teaching Note: Not Available |
| Price: Rs.100 |
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Industry : Pharmaceutical
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| Countries : India |
| Themes: -
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Ranbaxy Daiichi Controversy |
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INTRODUCTION |
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| On May, 06, 2016 an arbitration court in Singapore asked former owners of India-based multinational pharmaceutical company Ranbaxy Laboratories Limited (Ranbaxy) Malvinder Singh and Shivinder Singh to pay Rs 25.6287 billion to Daiichi Sankyo Company Limited (Daiichi), a Japanese pharmaceutical company for concealing and misrepresenting information about Ranbaxy during the sale of their stake in 2008 . Owners of Ranbaxy said they were exploring further legal options to challenge the court verdict. Daiichi had accused the former owners of Ranbaxy of hiding critical information regarding investigations of the US Food and Drug Administration (FDA) and US Department of Justice (DOJ). Daiichi had paid Rs 33.605 billion (US$ 500 million) to the DOJ for settlement of felony charges related to drug safety in May 2013....
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