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Business News/ Companies / Delhi HC attaches assets held by Oscar Investments, RHC Holding
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Delhi HC attaches assets held by Oscar Investments, RHC Holding

Delhi HC issues a warrant of attachment against all the assets disclosed by Oscar Investments and RHC Holding, owned by Ranbaxy promoters Malvinder and Shivinder Singh

The Delhi high court was hearing Daiichi Sankyo’s plea, seeking execution of the 31 January order of the court upholding the enforceability of the Rs3,500 crore arbitral award passed against Singh brothers and others. Photo: Arvind Yadav/HTPremium
The Delhi high court was hearing Daiichi Sankyo’s plea, seeking execution of the 31 January order of the court upholding the enforceability of the Rs3,500 crore arbitral award passed against Singh brothers and others. Photo: Arvind Yadav/HT

New Delhi: The Delhi high court on Monday issued a warrant of attachment against all the assets disclosed by Oscar Investments Ltd and RHC Holding Pvt. Ltd, owned by Ranbaxy promoters Malvinder and Shivinder Singh, in their 2 December 2016 and 14 March 2017 affidavits submitted to the court.

The assets include shares, moveable and immovable property, art as well as debts owed to Oscar Investments and RHC Holding.

The court was hearing Daiichi Sankyo’s plea, seeking execution of the 31 January order of the court upholding the enforceability of the Rs3,500 crore arbitral award passed against Singh brothers and others.

The court also prohibited the two companies from operating their bank accounts, except for the purpose of payment of salaries to employees and satisfaction of statutory debts.

Justice Jayant Nath further directed the other judgment debtors, i.e. Singh brothers and others, to submit an “up-to-date" affidavit declaring all the unencumbered assets held by them.

Meanwhile, the order directing Singh brothers and others to maintain status-quo with respect to the remaining “unattached" assets held by them, directly or indirectly, would continue.

The counsel appearing for Daiichi Sankyo, P.V. Kapur, submitted that as per the civil procedure code, the assets held by the two companies should be attached and an attachment officer should take custody of any such assets.

On 31 January, the court had upheld the enforceability of the award passed by a Singaporean Tribunal, which found Singh brothers and others guilty of making false claims in a self-assessment report and of fraudulently misrepresenting and concealing the “genesis, nature and severity of the US regulatory investigations" of Ranbaxy when Daiichi Sankyo bought their 34.82% stake for $2.4 billion in 2008.

The total deal value was $4.6 billion.

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Published: 26 Feb 2018, 03:21 PM IST
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