Malvinder Mohan Singh

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Malvinder Mohan Singh is an under arrest former businessman.

He was the former chairman and CEO of Ranbaxy Laboratories, an Indian pharmaceutical company that he sold to Japanese drugmaker Daiichi Sankyo and resigned in 2009 after Ranbaxy posted losses and after Daiichi Sankyo decided to get more actively involved in the newly acquired Indian unit.[1]

In the early hours of Friday, October 11, 2019, Malvinder was arrested from a place near Ludhiana, India, on account of a Rs. 740 crore fraud case against him and his estranged brother Shivinder.[2]

The Delhi police said that he was arrested under section 409 (criminal breach of trust by a public servant, banker, merchant or agent) and section 420 (cheating) of the Indian Penal Code.[3]


Early Life[edit]

Malvinder Mohan Singh is one of the son of Dr. Parvinder Singh and the grandson of Bhai Mohan Singh, the founder of Ranbaxy.[4] He and his brother Shivinder Singh, who in 1999 upon the death of their father inherited their family's 33.5% stake in Ranbaxy, used to be among the twenty richest Indians but are now staring bankruptcy and court arrest..[5]

Singh attended The Doon School, Dehradun[6] and graduated in Economics from St. Stephen's College, Delhi. He also received an MBA from Duke University's Fuqua School of Business.[7]

Business Career[edit]

Malvinder Singh's tenure as CEO of Ranbaxy starting in 2006 is controversial. Corporate culture of fraud continued unchecked under his tenure. In November 2006, Malvinder Singh led a delegation to FDA headquarters to try to reverse the decision to accept new drug applications from Ranbaxy. This attempt failed as FDA asked Ranbaxy to turn over audits done by its outside consultant, Parexel, which the company was claiming were confidential. The meeting ended in a standoff. Soon thereafter Mr. Singh decided to cash in. On 11 June 2008, Singh stunned the Indian business world by announcing that he and his brother were selling their 34% stake in Ranbaxy to the Japanese drugmaker Daiichi Sankyo for $2 billion.[8]

Malvinder Singh is founder of Religare Wellness[9]

References[edit]

  1. ^ "UPDATE1-Daiichi Sankyo replaces head of its Ranbaxy unit". Reuters. 24 May 2009. Retrieved 6 April 2013. Daiichi Sankyo has since sold the company to Sun Pharmaceuticals and has since been merged with Sun
  2. ^ "Ranbaxy Ex-Promoters Malvinder, Shivinder Singh Arrested In Fraud Case". NDTV.com. Retrieved 11 October 2019.
  3. ^ Das, Shaswati (11 October 2019). "Late night chase ends, Delhi police formally arrests Malvinder Singh". https://www.livemint.com. Retrieved 11 October 2019. External link in |website= (help)
  4. ^ "40 Years Ago... And now: Ranbaxy grew with liberal regimes, moving out of family control". Business Standard. Retrieved 16 December 2014.
  5. ^ Forbes.com: India's Richest 2004
  6. ^ "Class Up at Doon | Anjali Puri". Outlookindia.com. Retrieved 6 April 2013.
  7. ^ "Malvinder Singh, Chairman, Fortis Healthcare Ltd". bloomberg.com. Retrieved 6 April 2013.
  8. ^ http://features.blogs.fortune.cnn.com/2013/05/15/ranbaxy-fraud-lipitor
  9. ^ https://www.forbes.com/profile/malvinder-shivinder-singh/ Forbes Profile of Malvinder and Shivinder Singh