Group Media Releases
Press StatementFebruary 22, 2018: Gurgaon (Haryana), India - We wish to say that given the circumstances and immense challenges facing us today, we assure all our stakeholders that we are doing whatever it takes to resolve the issues and will not shy away from our current responsibilities.
Matters as large and complex as the ones being faced cannot be simplistically addressed and solutions require time. Many opinions and perceptions are based on limited information and don’t necessarily reflect reality or the truth; we request your patience in allowing us to share facts that will allow for more balanced views to emerge.
We assure that we are NOT going anywhere and are addressing the issues with responsibility and sincerity. We will not shy away from any and all processes, questions, clarifications that need to be addressed; and we will provide all cooperation to ensure that the truth comes forth.
We urge all of our stakeholders to support us in this effort and stand by us to enable us to fulfill our commitments and address the issues in the right manner.
We want to thank each and every employee, well-wisher and friend who has shown faith in us despite the adverse circumstances. We are working tirelessly to restore the faith of all our investors, shareholders, partners and colleagues.
Sometimes adversity empowers one to bring out one’s best. In that lies our hope!
Malvinder Singh & Shivinder Singh
February 16, 2018; Gurgaon (Haryana), India: We respect today’s ruling by the Hon'ble Supreme Court of India. However we are disappointed by the decision. The Hon'ble Court decided not to go into the merits of the majority arbitration award.
We believe we have been wronged in the majority Singapore arbitration award. The case has hurt and crippled our entire group. We would now like to fight for our Justice and Pride at this point and not for economics only.
We are evaluating the option to challenge the majority Arbitration Award in Singapore Courts.
We maintain that there was no misrepresentation or concealment in the Ranbaxy deal to Daiichi Sankyo and these are false accusations made against the Respondents four years after Daiichi Sankyo bought Ranbaxy (after around 9-10 months of due-diligence). The products made by Ranbaxy had always been of good quality which even the US FDA maintained in their statements (* US FDA Press Statement dt. Feb 25, 2009) and hence continued to be sold in the US.
Despite all the accusations by Daiichi Sankyo, they made profit from the sale in 2015, which is a clear indication of an intrinsic value of Ranbaxy.
*Extract : “…To date, the FDA has no evidence that these drugs do not meet their quality specifications and has not identified any health risks associated with currently marketed Ranbaxy products. In the meantime, the FDA recommends that patients not disrupt their drug therapy because this could jeopardize their health. Individuals who are concerned about their medications should talk with their health care professional…”
New Delhi, India, May 05, 2016
In an arbitration dispute between Daiichi Sankyo (‘Claimant’) and the sellers of shares of erstwhile Ranbaxy Laboratories Limited (‘Respondents), which includes RHC Holding Pvt Ltd (Company’) and Oscar Investments Ltd (‘Company’) as a party, the Arbitration Tribunal has issued an award, where the law governing the dispute was Indian Law by a majority of 2:1 in favor of the Claimant (with Justice A.M. Ahmadi, former Chief Justice of India giving a dissenting opinion dismissing all claims of the Claimant) for damages of an amount of INR 2562.78 Crores (approx..), quantified interest, costs and expenses of the arbitration till the date of award and interest on above until date of payment, against all the Respondents jointly and severally.
The Company is exploring further legal options to challenge the majority award.
All the parties to the Arbitration are bound by confidentiality obligations as a part of the arbitration proceedings.