Directors of Fortis Healthcare Malvinder Mohan Singh and Shivinder Mohan Singh resigned from their posts of executive chairperson and non-executive chairperson, respectively, on Thursday, the company informed the Bombay Stock Exchange.
Their resignations follow the Delhi High Court’s decision to uphold a Singapore court’s order asking the Singh brothers and 13 others to pay Japanese drugmaker Daiichi Sanya damages worth Rs 3,500 crore.
The Singapore court had ordered the Singh brothers to pay damages for allegedly concealing information about proceedings against them by a United States-based food and drug department, PTI reported. The brother are former Ranbaxy promoters.
Their decision to quit is aimed at ensuring that the firm is not linked to any challenges faced by the promoters, the brothers 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,” a statement by the brothers read.
The brothers have also been accused of “diversion, siphoning and digression of assets” in another case, Bloomberg reported.
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