Delhi HC orders attachment of Singh brothers’ moveable assets
Delhi high court's order against former Ranbaxy promoters Malvinder Singh and Shivinder Singh was in relation to a Rs3,500 crore arbitration case with Daiichi Sankyo
New Delhi: The Delhi high court on Friday ordered the attachment of all moveable property disclosed in an affidavit by former Ranbaxy Laboratories promoters, brothers Malvinder Singh and Shivinder Singh, and others in relation to a Rs3,500 crore arbitration case with Japanese drug maker Daiichi Sankyo Co. Ltd.
The court was hearing Daiichi Sankyo’s plea, seeking execution of a 31 January order of the court upholding the enforceability of the arbitral award passed against the Singh brothers and others. Justice Jayant Nath further passed an order for appointment of a chartered accountant (CA) for valuation of assets attached till date. The judge also asked the parties to cooperate with the CA by providing all documents required for valuation.
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.
N.K. Kaul, appearing for the Singh brothers, said legal proceedings challenging the findings of the arbitral award were listed for final disposal before a Singapore court from 9-13 April.
The award passed by a Singapore tribunal 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.
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First Published:24 Mar 2018, 12:17 AM IST
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