Riches To Rags: How Billionaire Ranbaxy Brothers Malvinder And Shivinder Singh Landed In Jail
The Ranbaxy brothers -- Malvinder and Shivinder Singh -- systematically and deliberately siphoned off huge sums, estimated at Rs 10,000 crore. Most of the money was used to buy real estate
Photograph by Getty Images
- 1999 Before Parvinder Singh dies at 56, he declares that D.S. Brar, a professional and his right-hand man, will run Ranbaxy; his sons, Malvinder and Shivinder, acquiesce despite a hue and cry by grandfather, Bhai Mohan
- 2004 Siblings oust Brar in a boardroom coup; Brian Tempest (pic), an old family friend, takes over, and Malvinder joins the board and bides his time
- 2006 Tempest out, Malvinder in; the latter charts out a new vision for Ranbaxy, reduces dependence on the US markets, and expands in Europe, Asia and Latin America
- 2006-07 The Ranbaxy brothers allegedly help Gurinder Singh Dhillon, spiritual head of Radha Soami Satsang Beas, his family members and Sunil Godhwani, the Satsang’s funds manager, to make a killing through shares of Religare; the brothers sell 13.5 million shares at Rs 10 each before the IPO, though they were issued to the public at Rs 185
- 2008 Japan’s Daiichi-Sankyo buys out...