A day after Daiichi Sankyo, the Japanese owner of troubled drug maker Ranbaxy, alleged certain former shareholders had concealed and misrepresented critical information concerning the US Department of Justice and Food and Drugs Administration (FDA) investigations while selling the company, Malvinder Mohan Singh, the former promoter and now executive chairman of Fortis Healthcare, countered the charges as â€œfalse and baselessâ€.
â€œDaiichi Sankyo purchased the Singh familyâ€™s interests in Ranbaxy in 2008 after a long negotiation process, as is typical of deals of this magnitude, and after conducting full due diligence on the affairs of Ranbaxy. The negotiations on behalf of Daiichi Sankyo were led by Takashi Shoda, Daiichi Sankyoâ€™s current representative director and chairman, and Tsutomu Une, executive director, who is also the current chairman of Ranbaxy. They and Daiichi Sankyo were legally advised,â€ Singh said in a statement.
In a conversation with Business Standard at his bungalow in Lutyens Delhi, Singh also brushed aside allegations made by Dinesh Thakur, the whistleblower in the case. Singh, who looked upset but combative, said no wrongdoing was ever reported to the board during his association with Ranbaxy and he was hurt that Daiichi Sankyo had not been able to grow the company.