Malvinder Mohan Singh - Revision history

->Busbel: /* Business career */

2021-12-18T18:05:02Z

Business career

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	==Early life==		==Early life==
	Malvinder Mohan Singh is one of the sons of Dr. Parvinder Singh and the grandson of Bhai Mohan Singh, the ~~founder of Ranbaxy~~.<ref>{{cite news\|title=40 Years Ago... And now: Ranbaxy grew with liberal regimes, moving out of family control\|url=http://www.business-standard.com/article/companies/40-years-ago-and-now-ranbaxy-grew-with-liberal-regimes-moving-out-of-family-control-114102101500_1.html\|newspaper=Business Standard India\|accessdate=16 December 2014\|date=22 October 2014\|last1=Bhandari\|first1=Bhupesh}}</ref> He and his brother [[Shivinder Mohan Singh\|Shivinder Singh]] inherited their father's 33.5% stake in Ranbaxy upon his death in 1999. The two used to be among the twenty richest people in India.<ref>[https://archive.today/20120730143533/http://www.forbes.com/finance/lists/77/2004/LIR.jhtml?passListId=77&passYear=2004&passListType=Person&uniqueId=DN7N&datatype=Person Forbes.com: India's Richest 2004]</ref>		Malvinder Mohan Singh is one of the sons of Dr. Parvinder Singh and the grandson of Bhai Mohan Singh, who bought [[Ranbaxy Laboratories]] from the original founders in 1952.<ref>{{cite news\|title=40 Years Ago... And now: Ranbaxy grew with liberal regimes, moving out of family control\|url=http://www.business-standard.com/article/companies/40-years-ago-and-now-ranbaxy-grew-with-liberal-regimes-moving-out-of-family-control-114102101500_1.html\|newspaper=Business Standard India\|accessdate=16 December 2014\|date=22 October 2014\|last1=Bhandari\|first1=Bhupesh}}</ref> He and his brother [[Shivinder Mohan Singh\|Shivinder Singh]] inherited their father's 33.5% stake in Ranbaxy upon his death in 1999. The two used to be among the twenty richest people in India.<ref>[https://archive.today/20120730143533/http://www.forbes.com/finance/lists/77/2004/LIR.jhtml?passListId=77&passYear=2004&passListType=Person&uniqueId=DN7N&datatype=Person Forbes.com: India's Richest 2004]</ref>

	Singh attended [[The Doon School]], [[Dehradun]],<ref>{{cite web\|url=http://www.outlookindia.com/article.aspx?230938 \|title=Class Up at Doon \| Anjali Puri \|publisher=Outlookindia.com \|date= \|accessdate=6 April 2013}}</ref> and graduated with a degree in economics from [[St. Stephen's College, Delhi]]. He also received a masters of business administration (MBA) from [[Duke University]]'s [[Fuqua School of Business]].<ref>https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/ranbaxy-to-ruins-how-the-singh-brothers-turned-from-business-whizkids-to-fraud-accused/articleshow/67176061.cms?from=mdr</ref>		Singh attended [[The Doon School]], [[Dehradun]],<ref>{{cite web\|url=http://www.outlookindia.com/article.aspx?230938 \|title=Class Up at Doon \| Anjali Puri \|publisher=Outlookindia.com \|date= \|accessdate=6 April 2013}}</ref> and graduated with a degree in economics from [[St. Stephen's College, Delhi]]. He also received a masters of business administration (MBA) from [[Duke University]]'s [[Fuqua School of Business]].<ref>{{Cite news\|url=https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/ranbaxy-to-ruins-how-the-singh-brothers-turned-from-business-whizkids-to-fraud-accused/articleshow/67176061.cms?from=mdr\|title=Singh Brothers Fraud: Ranbaxy to ruins: How the Singh brothers turned from business whizkids to fraud accused\|newspaper=The Economic Times}}</ref>

	==Business career==		==Business career==
	Malvinder Singh's tenure as CEO of Ranbaxy is controversial. A corporate culture of fraud prevailed under his leadership. In November 2006, Singh led a delegation to FDA headquarters to try to reverse the decision not to accept new drug applications from Ranbaxy. This attempt failed as the FDA asked Ranbaxy to turn over audits done by its outside consultant, Parexel, which the company was claiming were confidential. The meeting ended in a standoff. On 11 June 2008, Singh stunned the Indian business world by announcing that he and his brother were selling their 33.5% stake in Ranbaxy to the Japanese drugmaker Daiichi Sankyo for $2 billion.{{citation needed\|date=May 2020}}		Malvinder Singh's tenure as CEO of Ranbaxy is controversial. A corporate culture of fraud prevailed under his leadership. In November 2006, Singh led a delegation to FDA headquarters to try to reverse the decision not to accept new drug applications from Ranbaxy. This attempt failed as the FDA asked Ranbaxy to turn over audits done by its outside consultant, Parexel, which the company was claiming were confidential. The meeting ended in a standoff. On 11 June 2008, Singh stunned the Indian business world by announcing that he and his brother were selling their 33.5% stake in Ranbaxy to the Japanese drugmaker Daiichi Sankyo for $2 billion.<ref>{{Cite news\|date=2008-06-12\|title=Ranbaxy heir sells family firm in "emotional" deal\|language=en\|work=Reuters\|url=https://www.reuters.com/article/idINIndia-34025420080612\|access-date=2021-12-18}}</ref>{{citation needed\|date=May 2020}}

	Malvinder Singh is the founder of Religare Wellness (now [[Fortis Healthcare]]).<ref>https://www.forbes.com/profile/malvinder-shivinder-singh/ Forbes ~~Profile of Malvinder and Shivinder Singh~~</ref>		Malvinder Singh is the founder of Religare Wellness (now [[Fortis Healthcare]]).<ref>{{Cite web\|title=Malvinder & Shivinder Singh\|url=https://www.forbes.com/profile/malvinder-shivinder-singh/\|access-date=2021-12-18\|website=Forbes\|language=en}}</ref>

	==Arrest==		==Arrest==

imported>Amansrivastava87: /* Arrest */Fixed typo

2021-08-31T09:20:28Z

Arrest: Fixed typo

New page

{{short description|Indian businessman}}
{{EngvarB|date=September 2013}}
{{Use dmy dates|date=August 2020}}

{{Infobox person
| name = Malvinder Mohan Singh
| image = Malvinder Mohan Singh, 2011.jpg
| alt =
| caption = Malvinder Mohan Singh
| birth_name = 
| birth_date = 
| birth_place =
| death_date = 
| death_place =
| nationality = Indian
| other_names =
| occupation = Businessman
| years_active =
| known_for = Chairman and CEO of [[Ranbaxy Laboratories]]
| notable_works =
}}

'''Malvinder Mohan Singh''' is a businessman who is now under arrest for criminal breach of trust. He, along with his brother [[Shivinder Mohan Singh]] (also under arrest), has many cases of fraud registered against him.<ref>{{Cite news|url=https://indianexpress.com/article/explained/malvinder-singh-shivinder-singh-ranbaxy-fortis-6064585/|title=Explained: The cases against Religare ex-romoters Malvinder Singh and Shivinder Singh|date=2019-10-11|work=[[The Indian Express]]|language=en-IN|access-date=2019-10-31}}</ref><ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/singh-brothers-3-others-get-4-day-custodial-interrogation-in-rfl-case/articleshow/71538887.cms|title=Ex-Ranbaxy promoters Malvinder, Shivinder Singh sent to police custody|work=[[The Times of India]]|access-date=2019-10-31}}</ref>

Singh is the former chairman and CEO of [[Ranbaxy Laboratories]], an Indian pharmaceutical company that was sold to Japanese drugmaker [[Daiichi Sankyo]]. Singh resigned in 2009 after Ranbaxy posted losses and after Daiichi Sankyo decided to get more actively involved in the newly acquired Indian unit.<ref>{{cite web|url=https://www.reuters.com/article/rbssHealthcareNews/idUSLO38325720090524 |title=UPDATE1-Daiichi Sankyo replaces head of its Ranbaxy unit. |publisher=Reuters |date=24 May 2009 |accessdate=6 April 2013}} Daiichi Sankyo has since sold the company to [[Sun Pharmaceutical]]</ref>

In the early hours of 11 October 2019, Malvinder was arrested near Ludhiana, India, on account of a Rs. 740 crore fraud case against him and his brother Shivinder.<ref name=":0">{{Cite web|url=https://www.ndtv.com/india-news/ranbaxy-ex-promoter-shivinder-singh-arrested-in-fraud-case-by-delhi-police-2114785|title=Ranbaxy Ex-Promoters Malvinder, Shivinder Singh Arrested In Fraud Case|website=NDTV.com|access-date=2019-10-11}}</ref>

==Early life==
Malvinder Mohan Singh is one of the sons of Dr. Parvinder Singh and the grandson of Bhai Mohan Singh, the founder of Ranbaxy.<ref>{{cite news|title=40 Years Ago... And now: Ranbaxy grew with liberal regimes, moving out of family control|url=http://www.business-standard.com/article/companies/40-years-ago-and-now-ranbaxy-grew-with-liberal-regimes-moving-out-of-family-control-114102101500_1.html|newspaper=Business Standard India|accessdate=16 December 2014|date=22 October 2014|last1=Bhandari|first1=Bhupesh}}</ref> He and his brother [[Shivinder Mohan Singh|Shivinder Singh]] inherited their father's 33.5% stake in Ranbaxy upon his death in 1999. The two used to be among the twenty richest people in India.<ref>[https://archive.today/20120730143533/http://www.forbes.com/finance/lists/77/2004/LIR.jhtml?passListId=77&passYear=2004&passListType=Person&uniqueId=DN7N&datatype=Person Forbes.com: India's Richest 2004]</ref>

Singh attended [[The Doon School]], [[Dehradun]],<ref>{{cite web|url=http://www.outlookindia.com/article.aspx?230938 |title=Class Up at Doon | Anjali Puri |publisher=Outlookindia.com |date= |accessdate=6 April 2013}}</ref> and graduated with a degree in economics from [[St. Stephen's College, Delhi]]. He also received a masters of business administration (MBA) from [[Duke University]]'s [[Fuqua School of Business]].<ref>https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/ranbaxy-to-ruins-how-the-singh-brothers-turned-from-business-whizkids-to-fraud-accused/articleshow/67176061.cms?from=mdr</ref>

==Business career==
Malvinder Singh's tenure as CEO of Ranbaxy is controversial. A corporate culture of fraud prevailed under his leadership. In November 2006, Singh led a delegation to FDA headquarters to try to reverse the decision not to accept new drug applications from Ranbaxy. This attempt failed as the FDA asked Ranbaxy to turn over audits done by its outside consultant, Parexel, which the company was claiming were confidential. The meeting ended in a standoff. On 11 June 2008, Singh stunned the Indian business world by announcing that he and his brother were selling their 33.5% stake in Ranbaxy to the Japanese drugmaker Daiichi Sankyo for $2 billion.{{citation needed|date=May 2020}}

Malvinder Singh is the founder of Religare Wellness (now [[Fortis Healthcare]]).<ref>https://www.forbes.com/profile/malvinder-shivinder-singh/ Forbes Profile of Malvinder and Shivinder Singh</ref>

==Arrest==
{{Update|section|date=August 2020}}
On 10 October 2019, Malvinder and Shivinder Singh were arrested by the Delhi police Economic Offences Wing (EOW).<ref name=":2"/><ref name=":1">{{Cite news|url=https://www.bbc.com/news/world-asia-india-50010728|title=India pharma brothers arrested over '$330m fraud'|date=2019-10-11|access-date=2019-11-12|language=en-GB}}</ref> The arrests took place within hours of each other.<ref name=":2">{{Cite web|url=http://tehelka.com/delhi-police-arrests-ex-ranbaxy-promoter-malvinder-singh-hours-after-brother-shivinders-arrest/|title=Delhi police arrests ex- Ranbaxy promoter Malvinder Singh, hours after brother Shivinder's arrest {{!}} Tehelka|last=WebDesk|first=Tehelka|website=tehelka.com|language=en-US|access-date=2019-11-12}}</ref> The brothers were charged with criminal breach of trust, conspiracy, and cheating. Delhi police said that they were arrested under section 409 (criminal breach of trust by a public servant, banker, merchant or agent) and section 420 (cheating) of the Indian Penal Code.<ref>{{Cite web|url=https://www.livemint.com/companies/news/late-night-chase-ends-delhi-police-formally-arrests-malvinder-singh-11570764874675.html|title=Late night chase ends, Delhi police formally arrests Malvinder Singh|last=Das|first=Shaswati|date=2019-10-11|website=livemint.com|language=en|access-date=2019-10-11}}</ref> Both brothers have denied the charges<ref name=":1" />

Their former company, Religare Finvest, reported the Singhs' crimes to the EOW, alleging embezzlement.<ref name=":2" /><ref name=":1" />

As of 9 February 2021, both Singh brothers remain under arrest as their judicial custody has been extended until the next hearing.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/rfl-scam-court-extends-till-november-14-judicial-custody-of-ex-fortis-promoters-malvinder-shivinder/articleshow/71836479.cms|title=RFL scam: Court extends till November 14 judicial custody of ex-Fortis promoters Malvinder, Shivinder|date=31 October 2019|newspaper=The Economic Times|accessdate=1 November 2019}}</ref>

==References==
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{{DEFAULTSORT:Singh, Malvinder Mohan}}
[[Category:The Doon School alumni]]
[[Category:Indian businesspeople in the pharmaceutical industry]]
[[Category:Fuqua School of Business alumni]]
[[Category:Indian Sikhs]]
[[Category:Living people]]
[[Category:Year of birth missing (living people)]]