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We will send you to jail: SC to Ranbaxy brothers

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The Supreme Court on Friday threatened to jail Malvinder Mohan Singh and his brother Shivinder Mohan Singh, former promoters of pharmaceutical company Ranbaxy, for not complying with an order to pay dues to Japanese firm Daiichi Sankyo.

“We will go into the issue – why you violated our orders. We will send you to jail,” the apex court said.

The court was hearing a petition filed by Daiichi Sankyo, which is seeking to recover Rs 3,500 crore awarded to it in an arbitration by a Singapore tribunal against the Ranbaxy brothers.
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Rubbishing the claims of the former Ranbaxy promoters, a bench headed by Chief Justice Ranjan Gogoi told the defence counsel: “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.”

Comprising also of Justices Deepak Gupta and Sanjiv Khanna, the bench fixed the next date of hearing as April 11.

One of the Ranbaxy counsels said they have assets and their values have been submitted to the court. Moreover, they also have immovables. They have two operating businesses and an IT company.

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Shivinder Singh, who was present in the court, said the total value of their assets after liquidation was nearly Rs 900 crore and if an opportunity was given by the court he could certainly work to grow these assets up to Rs 2,000 crore.

“The group’s situation has changed in the last couple of years,” he pleaded before the court, seeking more time to comply with the foreign arbitration.

Daiichi had bought Ranbaxy — founded by the Singh brothers — in 2008. Later, the Japanese company moved the Singapore arbitration tribunal alleging that the brothers had misled the company and concealed information that the company was facing a probe by the US Food and Drug Administration and the Department of Justice.

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Forty Indians entered billionaires club in pandemic hit-2020

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Despite the Covid-19 pandemic, as many as 40 Indians registered themselves in the billionaires club  as per a survey.

Mukesh Ambani continued to be the wealthiest Indian with a networth of USD 83 billion. The head of Reliance Industries witnessed a 24 per cent jump in fortunes and climbed up one spot to be the eighth richest globally, as per the Hurun Global Rich List.

Gautam Adani from Gujarat, who has had a spectacular rise in fortunes in the last few years, saw his wealth almost doubling to USD 32 billion in 2020 and climbed 20 places to be the 48th richest person globally and the second wealthiest Indian. His brother Vinod’s wealth grew 128 per cent to USD 9.8 billion.

The report compiles individual or family wealth in the year to January 15. It can be noted that the Indian economy is set to contract by over 7 per cent because of the impact of the pandemic, which had forced governments to go for lockdowns that had a debilitating impact on the poor.

The report comes at a time when concerns are being raised about a ‘K-shaped’ recovery being underway, where a select few prosper.

Hurun India’s Managing Director and Chief Researcher Anas Rahman Junaid said Indian wealth creation is dominated by cyclical or traditional industries compared to tech-driven wealth creation in the US and China.

“When the tech-driven wealth creation reaches full potential, India could potentially beat USA in terms of the number of billionaires,” he added.

IT company HCL’s Shiv Nadar was the third wealthiest Indian with a fortune of USD 27 billion while some peers in the tech industry dominated the list of fastest growing wealth.

Jay Chaudhry of software company Zcaler saw a 274 per cent rise in networth to USD 13 billion during the year while Byju Raveendran and family saw a 100 per cent increase in its wealth to USD 2.8 billion, the report said.

Diversified corporate house Mahindra Group’s head Anand Mahindra and family also saw a 100 per cent increase in wealth to USD 2.4 billion, it said.

Among those who saw a decline in their networth during the year was Acharya Balkrishna of Patanjali Ayurved at USD3.6 billion, down 32 per cent.

The financial capital continues to lead in the country from a concentration perspective, being home to 60 of the 177 Indian billionaires, followed by New Delhi at 40 and Bengaluru at 22 billionaires, it said.

From a gender perspective, Kiran Mazumdar Shaw of Biocon leads with a networth of USD 4.8 billion (up 41 per cent), Smita V Crishna of Godrej at USD 4.7 billion and Lupin’s Manju Gupta at USD 3.3 billion.

A majority of 118 billionaires were classified as self-made ones in the ranking, as against 932 of the 1,058 billionaires in neighbouring China, which is home to the highest number of billionaires.

Globally, the list is led by Elon Musk of Tesla with a fortune of USD 197 billion followed by Amazon’s Jeff Bezos at USD 189 billion and Frenchman Bernard Arnault of fashion house LVMH at USD 114 billion.

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