BackRanbaxy case: Delhi HC seeks details of exchange-listed shares held by Singh brothers
Delhi HC asks court-appointed commissioner to submit a list of unpledged shares held by ex-Ranbaxy promoters in relation to the enforcement of Rs3,500 crore arbitration case with Daiichi Sankyo
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New Delhi: The Delhi high court on Wednesday asked a court-appointed chartered accountant to submit a list of all exchange-listed unpledged shares held by former Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh and others in relation to the enforcement of a Rs3,500 crore arbitration case with Japanese drug maker Daiichi Sankyo Co. Ltd.
Subject to the permission of the court, the shares so listed would be sold by a court appointed Commissioner and the proceeds would be deposited with the court towards the satisfaction of the arbitration award in favour of Daiichi Sankyo.
The order was passed by a bench comprising Justice Jayant Nath pursuant to Daiichi Sankyo’s plea seeking the execution of the court’s 31January order upholding the enforceability of a Rs3,500 crore arbitration award against the Singh brothers and others.
Daiichi Sankyo’s plea seeking a stay on sale of assets of Fortis Healthcare Limited would be taken up at a later stage by the court.
On 31 January, the Delhi high court had upheld the enforceability of the award passed by a Singapore tribunal which had found the Singh brothers and others guilty of making false claims in a self-assessment report, and of misrepresenting and concealing the “genesis, nature and severity of the US regulatory investigations" into Ranbaxy when Daiichi bought their 34.82% stake for $2.4 billion in 2008.
The deal value was $4.6 billion.
On 23 March, the high court had attached all moveable property disclosed in an affidavit by Singh brothers and others.
On 26 February, all assets disclosed by Oscar Investments Ltd and RHC Holding Pvt. Ltd, owned by the Singh brothers, were also attached by an order of the high court.
The matter would be next heard on 8 May.
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