Shivinder mohan singh biography books
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How to make and break a fortune in 10 years: The rise and steep fall of Ranbaxy’s Singh brothers
Just 10 years ago, they were the poster boys of India’s booming pharmaceutical industry. Fame peaked for Malvinder Mohan Singh and Shivinder Mohan Singh in 2008 when they sold their stake in generic drug maker Ranbaxy to Japan’s Daiichi Sankyo for a whopping $2.4 billion. It’s only gone downhill from there.
Late last month,Bloomberg reported that the Singh brothers have been taken to Delhi High Court by a New York investor. The promoters of financial services firm Religare Enterprises allegedly siphoned some $300 million to their privately-held firms. They are also alleged to have funnelled out $78 million from hospital chain Fortis Healthcare.
This follows the High Court order for the Singhs to cough up Rs 3,500 crore to Daiichi Sankyo for allegedly luring the Japanese drug maker into a deal by withholding information.
On February 8, the billionaire brothers stepped down from the Fo
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The inglorious tale of Fortis Healthcare’s Singh brothers
In today' Finshots we recap the story of Singh brothers and Fortis Healthcare
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The Story
On Thursday, Fortis Healthcare’s shares crashed by 15%!!! It was the biggest single-day fall since 2008.
The trigger?
The Supreme Court ordered a forensic audit on a particular transaction from 2018. And this wasn’t just any transaction. This was the $1.1 billion acquisition of Fortis. At the time, IHH Healthcare, a Malaysian company decided to buy out Fortis because it saw an opportunity to make a dent in the Indian market. However, things didn’t go according to program and if you’re still wondering
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The Ranbaxy StoryBUSINESS LINE
Multi-national giant, Ranbaxy Laboratories, is back in the Japanese fold - that is, where it started from 71 years ago.
The company's original promoter, Gurbax Singh, was employed with Japanese pharmaceutical company A. Shiniogi, manufacturers of vitamins and anti-TB drugs, when he, with Ranjit Singh, decided to launch a pharma distribution firm of their own - Ranbaxy - and found the same Japanese company willing to appoint them as their Indian distributors.
Now, seven decades and three generations later, when the company is among the world's top ten, it will rekindle its Japanese connection.
Though the company's name was culled from the merging of the two original promoters' names, in the 1950s they had to give up the venture. They offered the company on a platter to local moneylender, Bhai Mohan Singh, with wh