Daiichi Sankyo's allegations are false and baseless: Malvinder Singh

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Daiichi allegations are false and baseless: Malvinder
Malvinder Mohan Singh, the former promoter of Ranbaxy, has refuted Daiichi Sankyo's accusations of hiding information on US probe into drug adulteration, saying they did not manipulate any facts or falsify any data.

The former promoter of Ranbaxy stated categorically that it never concealed any fact at the time of selling 34.82 per cent stake to the Japanese firm for about Rs 10,000 crore.

Malvinder Singh, who is also the Executive Chairman of Fortis Healthcare said, "We strongly deny that Singh family falsified any data. There was no concealment of facts."

"Allegations of concealment and misrepresentation are false and baseless. I don't know where it came from... There's no concealment or misrepresentation of anything," Singh said.

The Japanese firm went in to the deal after satisfying itself with its due diligence, with knowledge of the US DoJ and FDA probe and with the benefit of legal advice, he added.

"I am talking to you today not because of their (Daiichi) success or failure. I am talking to you today because they have raised a finger at us. We built this company over decades with hardwork and cannot let anyone soil our reputation," he said.

He claimed the Japanese firm was making the allegations to divert attention from its own failures.

"The belated suggestion, made years after, is false and designed to divert attention away from Daiichi Sankyo's own failures to protect itself and its shareholders," the Singhs said.

Referring to Ranbaxy's recent USD 500-million settlement with FDA, he said: "The decision to enter into that settlement agreement was made by Ranbaxy and had nothing to do with the Singh family which was not even consulted by Daiichi Sankyo/Ranbaxy."

Earlier, the Japanese parent of Ranbaxy had stated that it believed that "certain former shareholders of Ranbaxy concealed and misrepresented critical information concerning the US Department of Justice and Food and Drug Administration investigations."

Read more about: ranbaxy laboratories
Story first published: Friday, May 24, 2013, 9:30 [IST]
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