ED raids residential premises of ex-Ranbaxy CEO, brother
DECCAN CHRONICLE | DC Correspondent
New Delhi: The Enforcement Directorate (ED) on Thursday raided the residential premises of former Ranbaxy CEO Malvinder Mohan Singh and his brother Shivinder Singh in connection with a money laundering case.
The raids were conducted after the ED registered a case under the Prevention of Money Laundering Act (PMLA) against them.
In February last year, the two brothers, who were also the promoters of Fortis Healthcare, had tendered their resignation from the company's Board of Directors.
In a letter, the Singh brothers attributed their decision to a Delhi High Court judgment, upholding the plea of Japanese pharmaceutical company Daiichi Sankyo, which was slated to collect Rs 3,500 crore as award money from the duo.
"In light of the recent High Court judgment, upholding the plea of Daiichi Sankyo to enforce the arbitration award, we believe this is in the interest of propriety and good governance. It is intended to free the organisation from any encumbrance whatsoever that may be linked to the promoters. The Board will then be better enabled and empowered to guide the future direction of the organisation without in any way being hampered by the impact of the Daiichi Sankyo judgment and our association at the Board," the letter read.