The Enforcement Directorate (ED) on Thursday searched residences of former Ranbaxy chief executive officer (CEO) Malvinder Singh and his brother Shivinder in New Delhi in connection with a money laundering case.
The case was filed against the duo under the Prevention of Money Laundering Act (PMLA), following allegations of financial irregularities and subsequent downfall of their businesses, a person familiar with the development said.
In April, a bench comprising Chief Justice Ranjan Gogoi and Justices Deepak Gupta and Sanjiv Khanna had reserved order on Daiichi’s contempt plea against the former Ranbaxy promoters and others.
The apex court had expressed dissatisfaction over responses filed by the former Ranbaxy promoters in response to its 14 March direction asking them to submit a concrete plan for paying Rs4,000 crore to Daiichi Sankyo as directed by a Singapore tribunal.
Read EquityPandit’s Nifty Pharma Outlook for the Week