Latest news with #Ranbaxy
Yahoo
10-05-2025
- Business
- Yahoo
Mercer County Commission looks at keeping jail bill paid
princeton – Mercer County's share of money from a court settlement against the company making the medication Lipitor is being used to help keep the county's regional jail bill paid until its new budget is prepared. The daily cost of keeping an inmate in West Virginia's regional jail system recently grew from $45.97 to $57.46, an increase of almost $12. To meet the extra cost, the Mercer County Commission met Thursday in special session to see how to pay the county's April jail bill in full. In March, the county's jail bill was $127,474.81. By April, it had grown to $146,985.60, according to county records. 'We had already fixed our budget for the previous year based on the previous rate,' County Commission President Bill Archer said. 'We've already worked on our budget for the coming year, but that increase was not included in it immediately, so now we have to make some adjustments in order to get through this one month and the coming months will be in better shape in terms of that.' On April 30, West Virginia Attorney General J.B. McCuskey announced that cities and counties were sharing nearly $3.5 million from a settlement agreement with Pfizer, Inc., Ranbaxy, Inc. and related companies concerning the cholesterol drug Lipitor. The lawsuit alleged the two companies conspired to delay the introduction of a cheaper generic Lipitor for 20 months. Mercer County received $50,000 from this settlement. Archer said that unlike money from settlements against opioid manufacturers, the counties are not limited by how they can spend it. Archer proposed using that money to help pay the jail bill. 'We can use those to plug a hole immediately, and that's what we decided to do,' Archer said. Commissioners Brian Blankenship and Greg Puckett voted with Archer to use $43,000 of the Lipitor funds to help pay off the April jail bill. Paying the monthly jail bill will be addressed in the new county budget which starts July 1, he said. This new budget will be adjusted with the new daily inmate rate in mind. Contact Greg Jordan at gjordan@
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Business Standard
21-04-2025
- Business
- Business Standard
Former Fortis promoter Shivinder Singh files personal insolvency at NCLT
Shivinder Mohan Singh, the former promoter of Fortis Healthcare and Religare Enterprises, has filed for personal insolvency before the National Company Law Tribunal (NCLT) in Delhi. The matter was heard briefly on Monday (April 21), but the hearing has been postponed and is expected to continue in May, according to a report by Bar and Bench. Shivinder Singh, along with his elder brother Malvinder Singh, was once counted among the richest businessmen in India. The duo gained prominence after selling their controlling stake in Ranbaxy Laboratories to Japanese pharmaceutical company Daiichi Sankyo in 2008 for approximately $4.6 billion. They later focused on expanding Fortis Healthcare and Religare Enterprises. However, the Ranbaxy deal soon became mired in controversy. Daiichi Sankyo accused the Singh brothers of concealing critical information regarding Ranbaxy's legal and regulatory issues in the United States. Fraud charges The Japanese company claimed that the brothers did not disclose the ongoing issues with the US Food and Drug Administration (FDA) and the Department of Justice (DoJ), which were investigating Ranbaxy at the time. According to the report, in 2016, an international arbitration tribunal based in Singapore ruled in favor of Daiichi Sankyo. The tribunal found the Singh brothers guilty of fraudulent misrepresentation and ordered them to pay ₹3,500 crore in damages to Daiichi. After that, Indian courts began enforcement proceedings to recover the amount. The Delhi High Court directed the Singh brothers to pay the full sum awarded by the arbitration. As part of the enforcement process, several of their personal and company assets were either seized or sold. This included their shareholdings in RHC Holding Pvt. Ltd., one of the key companies connected to the case. In the insolvency petition, Shivinder Singh has said that his debts are now much greater than the value of his remaining assets. He explained that most of his properties and shares have either been taken away or sold at much lower prices due to the ongoing court cases and financial troubles. He also pointed to poor financial management at RHC Holding Pvt. Ltd., where he had acted as a corporate guarantor, as a reason for his financial problems. Legal recourse under IBC According to Indian bankruptcy law, an individual can file for insolvency under Section 94 of the Insolvency and Bankruptcy Code (IBC) if they are unable to pay back their debts. Once the NCLT accepts the petition, a resolution professional may be appointed to take charge of the process. The professional will work on a repayment plan, which must be approved by the creditors and the court. By filing for personal insolvency, Shivinder Singh is seeking a structured legal route to manage his debts and shield himself from further enforcement action. The outcome of the case in the coming months will determine the next chapter in this long-standing financial and legal saga.
