Mumbai: The Delhi high court on Wednesday directed the former promoters of India’s Ranbaxy Laboratories Ltd, Malvinder and Shivinder Singh, to disclose their bank accounts and assets overseas in a case related to execution of the 3,500 crore arbitral award won by Japanese pharma firm Daiichi Sankyo.

Justice Rajiv Shakdher also ordered the Singh brothers not to transfer or create any third party in their shareholdings in RHC Holding Pvt Ltd or trademarks. The court said both the brothers will disclose in an affidavit, in a sealed cover, their assets and bank accounts outside India.

When advocate Anuradha Dutt, appearing for Singh brothers, raised objection to the direction to disclose foreign assets and accounts on the ground of lack of jurisdiction, the court said it was just asking to give the details and the jurisdiction issue will be dealt with later.

The order came on the plea by Daiichi, through senior advocate Arvind Nigam, seeking a direction to the Singh brothers to disclose their assets outside India and for their personal appearance on the grounds that they were taking contradictory stands in their affidavits.

The court was also informed that a chartered accountant, who was appointed local commissioner in the matter, had expressed difficulty in selling the unencumbered shares of the respondents in listed companies. The court listed the matter for further hearing on 25 September.

Close