High Court approves compromise agreement of Ranbaxy family

New Delhi, Aug 1 (UNI) The Delhi High Court today gave the stamp of approval to the compromise agreement arrived at between Max India chairman Analjit Singh and his late brother Parvinder Singh's family on the property of Ranbaxy founder Bhai Mohan Singh who died in March 2006.

Appearing before Justice Vikramjit Sen, the counsel appearing for both the parties-- Analjit Singh; and Malvinder Singh, Sinvender Singh and their mother Nimmi Singh (the sons and widow of Parminder Singh and owner of Ranbaxy India) submitted that they had reached to a settlement in accordance with the will of Bhai Mohan Singh.

All the applications filed before the court were disposed of as all the parties prayed that have settled the disputes and differences amongst themselves.

However, Counsel appearing for Manjit Singh, the elder brotherof Analjit, said that he should have been a party to the settlement and had a right to be informed about the proceedings.

But the Court said he did not have a say in the matter as it was pertaining to the will and transfer of Rs five crore to the Bhai Mohan Singh Foundation. It is pertinent to mention that Manjit was disowned by his father Mohan Singh before his death in the will.

Manjit Singh said that he had one-thirds share of the property, assets, holdings and shares which was in the name of his father Mohan Singh at the time of his death.

He said he would challenge the will probate.

Both the parties withdrew 12 applications pending before the High Court. The case was adjourned till tomorrow for hearing of four cases.

The applications seeking withdrawal of cases filed by both the parties in the High Court stated that the family members have settled the disputes and differences amongst themselves and desired that the suits be disposed of in accordance with the terms agreed between them.

According to the amicable settlement, the executors of the will of Bhai Mohan Singh as well as the trustees of Bhai Mohan Singh Foundation have consented that 93,928 shares (of Rs 5 each) of Ranbaxy would be transferred to Malvinder as the principal male member of Parvinder Singh group.

UNI PAT SK VV1905