The Delhi High Court has rejected former Ranbaxy CEO Malvinder Singh's plea seeking exemption of the quarterly 'pension' received by him from the ambit of an attachment order.
Justice Rajiv Shakdher dismissed the plea seeking permission to operate the bank account and use the Rs 41,05,498 he received as quarterly pension.
Mr Singh was employed as Manager (Financial Services) with Ranbaxy Laboratories Limited (RLL) on May 22 ,1998, and he resigned as the company's managing director and CEO in May 2009.
Mr Singh became entitled to retiral benefits as per the policy of RLL. After the merger of RLL, in 2015 with Sun Pharmaceuticals Industries Limited (SPIL), the same arrangement continued .
Mr Singh sought the court's permission to operate the concerned bank account so that he can take recourse to the money in order to provide for himself, his brother Shivinder Singh and their families.
"...in any case, monies which already stand credited, on this score, in the concerned bank account(s) of judgment debtor No. 1 (Malvinder Singh), to my mind, are not free from attachment," the court said in its order delivered on March 29.