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Ranbaxy former promoter Shivinder Singh arrested by Delhi Police

According to the complaint, Former Ranbaxy promoter Shivinder Singh and others are accused of diverting funds to the tune of Rs 740 crore.

 

New Delhi| Shinder Singh, a former promoter of pharmaceutical company Ranbaxy and Fortis Healthcare, was arrested by the Economic Offenses Wing (EOW) of the Delhi Police on Thursday. Apart from Shivinder, Kavi Arora, Sunil Godhwani and Anil Saxena have also been arrested. This action was taken on the complaint of Religare Finvest Limited.  The rest were also associated with the company. According to the complaint, Shivinder Singh and others are accused of diverting funds to the tune of Rs 740 crore.

Shivinder’s brother Malvinder is also an accused in the case. According to media reports, a lookout notice has been issued against Malvinder . Religare Finvest filed a complaint against Shivinder and Malvinder in December 2018.

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In 2016, the two brothers made it to number 92 in the Forbes 100 list of 100 richest Indians. The assets of both at that time were Rs 8,864 crore. Last year, Shivinder and Malvinder Singh were accused of withdrawing Rs 500 crore without the approval of the board of Fortis. As of February 2018, Malvinder was the executive chairman of Fortis and Shivinder was the non-executive vice-chairman. Both were expelled from the board following allegations of diverting funds. Shivinder and Malvinder Singh started Fortis Healthcare in 1996.

In 2008, the Japanese pharmaceutical company Daiichi Sankyo bought Ranbaxy from Malvinder-Shivinder Singh. Daiichi later alleged that the Singh brothers hid important information about Ranbaxy. He had complained to the Singapore Tribunal.

 

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