Delhi HC asks Malvinder, Shivinder to disclose value of unencumbered shareholdings
Delhi HC allows Daiichi Sankyo to access previous asset declarations by the Singh brothers
New Delhi: The Delhi high court on Monday directed Malvinder Singh and Shivinder Singh, former owners of Ranbaxy Laboratories Ltd, to file an affidavit disclosing the value of unencumbered shareholding in various entities.
The affidavit is to be submitted by 8 February.
Justice S. Muralidhar also allowed Daiichi Sankyo Co. Ltd of Japan to access previous asset declarations by the Singh brothers.
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This came in response to an application by Daiichi Sankyo seeking to restrain the Singh brothers from selling assets, specifically Fortis Healthcare Ltd. The company said the Singhs were looking to rope in an investor in Fortis Healthcare and such a sale would dilute assets and hamper recovery of damages from the Singh brothers.
The case relates to enforcement of an arbitral award in proceedings initiated by Daiichi against the Singhs in relation to its 2008 purchase of a majority stake in Ranbaxy, then owned by the brothers.
The original arbitral award came after the Japanese company alleged that the Singh brothers had concealed crucial information while selling Ranbaxy to it for $4.6 billion in 2008. In response, a Singapore tribunal had ordered the brothers to pay Rs2,562 crore. The Singh brothers are contesting that.
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Sun Pharmaceutical Industries Ltd purchased Ranbaxy from Daiichi in a $3.2 billion acquisition it completed in 2015.
The case will be heard next on 14 March.
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