W hen Parvinder Singh died in the summer of 1999, his father, Bhai Mohan Singh, was found pleading

eading that his

grandsons, Malvinder and Shivinder, be co-opted on the Ranbaxy [ Get Quote ] board without any delay. They were,
after all, the principal shareholders of the company.

The brothers, on their part, put out a statement that they believed in their father's philosophy of separating ownership
from management and would, therefore, not seek a board representation.

D S Brar, handpicked by Parvinder Singh, thus got a free hand to run India's [ Images ] largest pharmaceutical
company. And this is how things stayed for the next five years.

Malvinder worked in various departments of Ranbaxy and Shivinder stayed away from the company to pursue the
family's interests in hospitals. Then, things began to move at a fast pace in 2004. Brar left, Malvinder joined the board
and became president (pharmaceuticals), while Brian Tempest was appointed CEO and managing director.

But Tempest's tenure was short. Most people knew he was warming the seat for Malvinder. The inevitable happened
in January 2006 -- Tempest was made chief mentor and executive vice-chairman, and Malvinder was in the driving
seat.

In the middle of 2008, he sold Ranbaxy to Daiichi Sankyo of Japan [ Images ], though the new owner made him CEO
for a five-year term. Then, last month, he resigned after a two-hour board meeting at a five-star hotel in New Delhi
[ Images ]. This ended the Singh family's long connection with Ranbaxy.

Tongues started to wag immediately after his exit. Why did Malvinder leave even before the first year of his five-year
term got over? Various theories began to do the rounds.

One point that was missed out by all was that his exit has probably helped Daiichi Sankyo send out a strong message
to people who matter.

Ranbaxy is under the watch of the United States Food & Drug Administration. It has put a ban on the import of
medicine produced at Ranbaxy's Paonta Sahib facility in Himachal Pradesh [ Images ] for falsification of data. This is
serious and it could take up to two years to get the ban lifted.

The change in management is probably meant to show that Daiichi Sankyo is dead serious about sorting out the row,
never mind the Rs 45 crore (Rs 450 million) severance cheque it had to write for Malvinder. The USFDA charges
incidentally relate to the time before Malvinder got control of the company.

So, was Malvinder good or bad for Ranbaxy?

For the first two years, he had a great run. In 2005, the year before he became CEO, Ranbaxy had shown a profit
after tax of Rs 223 crore (Rs 2.23 billion). It rose to Rs 380 crore (Rs 3.8 billion) in 2006 and Rs 617 crore (Rs 6.17
billion) in 2007.
Things took a turn for the worse in 2008 when the company reported a loss of Rs 1,044 crore (Rs 10.44 billion).
Ranbaxy attributed it to mark-to-market losses on the fair value of derivatives. The company took the wrong call on
foreign exchange. The recent appreciation of the rupee against the dollar is expected to help matters.

But the losses did stick out. Daiichi Sankyo recently lowered its guidance for the year, thanks to Ranbaxy of which it
now owns over 63 per cent.

A point that may get missed here is that Malvinder brought about some basic changes in Ranbaxy's business model.
During Brar's time, it was focused on the US which accounted for almost half of worldwide pharmaceutical sales. So
Ranbaxy's target was to get half of its sales from the US.

In the last few years, mature markets like the US have turned adverse for generic drug firms like Ranbaxy.
Governments there want to cut their healthcare budgets and the axe has first fallen on generic drugs. Germany
[ Images ] has even resorted to online auctions for generic medicine to squeeze the last margin out of generic prices.

To deal with this problem, Malvinder did several acquisitions in emerging markets like East Europe and South Africa
[Images ] where margins on generic drugs are better protected. Now, 64 per cent of Ranbaxy's turnover comes from
such countries.

The next thing he worked on was alliances with Big Pharma. Instead of working at cross-purposes, multinational
pharmaceutical companies and generic drug makers are now coming together to look at fruitful co-existence.

Malvinder expanded considerably the scope of the research and development tie-up with GlaxoSmithKline [ Get
Quote ], forged a new one with Merck and finally made Ranbaxy a part of Daiichi Sankyo.

Malvinder also settled patent challenges out of court and converted them into quantifiable revenue streams.

The most important was Ranbaxy's challenge to Pfizer's [ Get Quote ] cholesterol-lowering drug and the world's
largest-selling medicine, Lipitor. There were at least three others. Ranbaxy could get well over a billion dollars from
these settlements in the near future. This also plugged the large sums of money Ranbaxy was paying patent
attorneys year after year.

One reform that Malvinder couldn't do was that of the company's board of directors. For long, doctors and scientists
have been inadequately represented on the Ranbaxy board. The new owner will have to address this problem.

When he was young, Malvinder's summer vacations were spent on pillion with Ranbaxy representatives on their
rounds of chemists and doctors. That chapter has now come to an end.
What Malvinder Singh plans to do
June 12, 2008 11:48 IST

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Hours after announcing their decision to sell Ranbaxy [ Get Quote ] to Japan's [ Images ] Daiichi, Malvinder Mohan
Singhspoke to Joe C Mathew. Singh said they will focus on Fortis Healthcare [ Get Quote ] and Religare Financial
Services after the acquisition.
Do you still cherish the desire to see Ranbaxy as a top-five global generic company?

I do. Infact, the acquisition has made it much easier. The Daiichi-Ranbaxy combine will become the 15th biggest
pharmaceutical company in the world. The hybrid growth model that we have opted for will offer tremendous growth
chances.

Does that mean Ranbaxy will continue as Daiichi's "generic arm"? Much like what generic firm Sandoz is to
Novartis [Get Quote ]?

True. Ranbaxy will continue to grow as a research-based generic company of Daiichi.

What would be the fate of your collaborative and contract research programmes? Will other research-
oriented drug majors be interested in drug discovery deals with a subsidiary of an innovator company?

Ranbaxy's research alliances will continue and we expect to sign more such deals in future. The deal happened just
this afternoon. Our existing research partners will be informed about the deal very soon.

How do you feel working for a company which you owned for long?

Ownership and management are quite different for me. Even when my dad owned Ranbaxy, I joined the company as
a management trainee. I did not take up a leadership position in the management even when he died. Ownership
does not make any difference to me. I am here to fulfil my dreams and the path I have chosen now is to help me
achieve this better.

Post-acquisition, how much money will be left with the Singh family? What are your investment plans?

Approximately Rs 10,000 crore (Rs 100 billion). We are yet to think about the investments. However, our primary
interests are in two entities - Fortis Healthcare and Religare Financial Services.
Malvinder & Shivinder Mohan Singh
$1.5 billion
Delhi

Associated Companies:

Two brothers inherited the family's 33.5% stake in India's leading

pharmaceutical company Ranbaxy Laboratories. That was more then five years ago
because of the premature death of their father, Parvinder Singh. Since then the brothers
have quite admirably managed themselves as well as the company. Although
Ranbaxy's profits taken a beating over the last 12 months the long range plans are very
much on course.This year the brothers' private holdings are up. Malvinder is president
of Ranbaxy's pharma business while younger sibling Shivinder runs Fortis, the family's
hospital chain, which recently bought one of India's leading cardiac institutes Their new
diversification stream is financial services and their financial services company
"Religare" has started making noises on that front.

Malvinder is responsible for the entire global operations of the billion dollar company,
spanning across 40 countries An MBA graduate from the Fuqua School of Business,
Duke University, USA (1996-98), Malvinder has done his under graduate studies in St
Stephen’s college BA (Hons) Economics, (1990-93). Before that Malvinder did his
schooling from Doon School. During 1993-94 Malvinder was briefly associated with
American Express Bank in Delhi and Mumbai. In 1994 Malvinder joined Ranbaxy as a
management trainee.Younger brother Shivinder also studied at the Doon School before
following it up with a graduate degree in mathematics from St. Stephen’s College.
Shivinder is also an MBA with specialisation in health sector management from the
Fuqua School of Business, Duke University, USA.

Mathematics and healthcare are quite different from one another but Shivinder says that
maths and computers have been his favourite subjects since childhood. Shivinder is
one of the principal promoters of Fortis Healthcare and SRL Ranbaxy.

The brother often say that big success is always associated with big risks. The company
took a few such risks which eventually paid off. In the early 1990s, Ranbaxy invested
heavily in creating infrastructure in various countries across the globe. Then their huge
research and development (R&D) investment in new chemical entities (NCE’s) have
started to pay off.

Malvinder is also fond of photography and travelling. He learnt photography from his
father who was a good photographer. Shivinder on the other hand is fond of playing
golf, tennis and table tennis. He is also a huge movie buff.

In Ranbaxy circles, brothers Malvinder Mohan Singh and Shivinder Mohan Singh are
referred to as MMS and SMS respectively
Malvinder Mohan Singh is the Chairman, CEO and of Ranbaxy Laboratories Ltd. (Ranbaxy). His
company targets a sales target of US $5 Bn, by 2012. He has played a pivotal role in the company�s
management and global operations.

He finished his graduation in Economics from St. Stephen�s college, New Delhi, India. He took a Masters Degree
course in Business Administration (MBA) from the Fuqua School of Business, Duke University, USA.

He had earlier worked as President, Pharmaceuticals and Executive Director at Ranbaxy, handling the global
operations covering Pharmaceuticals, API and Manufacturing spread across 49 countries. He also led
the company�s India operations as Regional Director. He has expertise in diversified fields of General Management,
Sales & Marketing, Finance and Business Development.

He is a member of the National Council for the Confederation of Indian Industries (CII). He is also the
Co- Chairman of the National committee on Intellectual Property Rights (IPR), CII. Recently, he was
nominated to the prestigious forum of insightful, innovative and energetic �Young Global Leaders�, World
Economic Forum.

EXECUTIVE PROFILE*

Malvinder Singh
Chairman and Managing Director, Agro Dutch Industries Ltd 11
11

Age Total Annual Compensation This person is connected to 11 board members in 2 different
organizations across 2 different industries.
55 4,680,000 INR
As of Fiscal Year 2009 See Board Relationships

BACKGROUND*
Malvinder Singh serves as Managing Director at Agro Dutch Industries Ltd. Mr. Singh served as Managing Director of
Vishwa Calibre Bjftfers pvt. Ltd. Mr. Singh has 26 years of business experience. Mr. Singh serves as the Chairman
and Executive Director of Agro Dutch Industries Ltd. He serves as the Chairman of Saptarishi Agro Industries
Limited. He serves as a Director of M/s. Calibre Rehabs Limited, M/s. Saral Mushroom Projects India Limited, and
M/s. Cannex International Limited. Mr. Singh studied B.E (Mech). Mr. Singh is a Mechanical Engineer.