Malvinder Singh and Shivinder Singh must pay Daiichi Sankyo Co. 35 billion rupees ($550 million) awarded in an arbitration over the sale of a drugmaker controlled by the brothers, an Indian court ruled.
The verdict was pronounced by a single-judge bench of Justice Jayant Nath of the Delhi High Court on Wednesday. He rejected all objections raised by the Singh brothers and said the arbitration award is in line with Indian laws and policy. The ruling can still be appealed in a two-member panel of the Delhi High Court or the Supreme Court.