Former Ranbaxy promoters Malvinder and Shivinder Singh, were fined USD 400 million fine by a Singapore court on account of concealment of information from Japanese pharma company Daiichi Sankyo. Malvinder and Shivinder Singh had sold their stake in Ranbaxy Laboratories to Daiichi way back in 2008, following which Daiichi-led Ranbaxy was forced to pay the US Department of Justice a sum of USD 500 million over non-compliance with US Food and Drug Administration's testing norms. Daiichi then moved an arbitral court in 2013, filing a case against the former promoters. On Thursday, the brothers were asked to pay up a fine of USD 400 million. At this point, there seems no legal remedy for the duo. The arbitral court cannot be challenged.
They still do not just pay up and walk away from all the mess they created.The comment they made , after the award was, they are exploring legal avenues for appeal against the fine. This is hilarious, firstly you indulge in a bit of suppreso veri and do a bit of suggestio falsi then when you get caught you head to an arbiter whose word is final and when that does not work out you come out with ludicrous statements.
Bad ethics and cutting corners is now more prevalent that it was before.Making money in any which way you can is the main thing.In the process if they have to lie, cheat, misrepresent, falsify documents, bribe officials, and engage in every nefarious activity possible then so be it.Reminds me of the words the founder of Alacrity builders way back in the 80's and 90 of the last century where by he realized no point being a builder when you had to make a choice between doing shoddy work to pay off the bribes hence cheating your customers in the process.He did the next best thing ....shut down the business.
Very few are the businesses in India which does not indulge in any of the a fore mentioned activity, take any business, they do it one time or the other.Some do it openly, some do it covertly but they all do.Why ? the greed for money is more attractive and a powerful mover than one of following one's principle and ethics.Other being the powers that govern us indulges it, encourages and makes it apart of the business norm.They what does one expect from, albeit, the poor business man.
They still do not just pay up and walk away from all the mess they created.The comment they made , after the award was, they are exploring legal avenues for appeal against the fine. This is hilarious, firstly you indulge in a bit of suppreso veri and do a bit of suggestio falsi then when you get caught you head to an arbiter whose word is final and when that does not work out you come out with ludicrous statements.
Bad ethics and cutting corners is now more prevalent that it was before.Making money in any which way you can is the main thing.In the process if they have to lie, cheat, misrepresent, falsify documents, bribe officials, and engage in every nefarious activity possible then so be it.Reminds me of the words the founder of Alacrity builders way back in the 80's and 90 of the last century where by he realized no point being a builder when you had to make a choice between doing shoddy work to pay off the bribes hence cheating your customers in the process.He did the next best thing ....shut down the business.
Very few are the businesses in India which does not indulge in any of the a fore mentioned activity, take any business, they do it one time or the other.Some do it openly, some do it covertly but they all do.Why ? the greed for money is more attractive and a powerful mover than one of following one's principle and ethics.Other being the powers that govern us indulges it, encourages and makes it apart of the business norm.They what does one expect from, albeit, the poor business man.