No love lost: Daiichi Sankyo in war of words with Singh brothers
A day after Daiichi Sankyo's allegations of concealment and misrepresentation by the certain former shareholders of Ranbaxy on May 22, 2013, the Singh brothers (Malvinder and Shivinder) have termed these as completely false and designed to divert attention away from Daiichi Sankyo's own failures to protect itself and its shareholders in the negotiations and agreement with the Singh family shareholders of Ranbaxy.
The counter statement from Singh family that came on late evening of May 23, 2013, clearly mentioned that the phrase 'former shareholders' 'is an obvious reference to the members and companies of the Singh family who were shareholders of Ranbaxy. Earlier Daiichi had accused them indirectly of concealing and misrepresenting critical information concerning the US Department of Justice (DOJ) and FDA investigations.
According to Singh family, Daiichi Sankyo purchased their 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 Mr Takashi Shoda, Daiichi Sankyo's current representative director and chairman and Dr Tsutomu Une, executive director, who is also the current chairman of Ranbaxy. They and Daiichi Sankyo were legally advised.
"At every step of the way during the negotiation process, Daiichi Sankyo and its representatives were made aware of the on-going US FDA and DOJ investigations. They were also given full access to the documents at Ranbaxy pertaining to US FDA and DOJ investigations," mentioned the statement.
It goes on to add, "Daiichi Sankyo went in to the deal after satisfying itself with its due diligence, with knowledge of the US DOJ and FDA investigations and with the benefit of legal advice."