Daiichi case: Singh brothers asked to give payment timeline by 24 February1 min read . Updated: 03 Feb 2020, 03:56 PM IST
- The apex court also refused to lift the stay on the takeover of hospital chain Fortis Healthcare, once owned by Singh brothers, by Malaysian operator IHH Healthcare Bhd
- The court will now hear the case on 16 March
New Delhi: The Supreme Court on Monday asked brothers Malvinder and Shivinder Singh to provide a timeline for depositing ₹1,175 crore each in the Daiichi Sankyo case.
The apex court also asked Daiichi and Fortis Healthcare, once owned by Singh brothers, to reply to Securities and Exchange Board of India (Sebi) plea on allowing Malaysian operator IHH Healthcare Bhd to takeover the hospital chain.
The court will now hear the case on 16 March.
Daiichi Sankyo has been locked in a legal battle since a Singapore tribunal, in April 2016, passed an arbitration award against the Singh brothers, holding that they concealed information that their company Ranbaxy Laboratories was facing probe by the US Food and Drug Administration and the Department of Justice while selling it in 2008 to the Japanese firm.
On 31 January, 2018, the Delhi high court had upheld the enforceability of the award--now amounting to ₹3,500 crore--passed by the Singapore tribunal.
Daiichi Sankyo had also moved the Supreme Court to stop the Singh brothers from selling their stake in any entity they own until they cleared the ₹3,500 crore in arbitration award.
The Supreme Court in November held Fortis Healthcare, and its former promoters Malvinder and Shivinder Singh, guilty of contempt of court for sale of shares to Malaysia’s IHH Healthcare Berhad. It had also asked the brothers to deposit ₹1,175 crore each to avoid contempt.
Suo motu contempt proceedings were also initiated against Fortis Healthcare for the stake sale.