Home >Companies >News >Daiichi Sanyko case: Delhi HC directs 55 entities to pay back Singh brothers

New Delhi: The Delhi high court has directed 55 entities to deposit the amount they owe to RHC Holdings Pvt Ltd with the registrar general of the court within 30 days in connection with the payment of arbitration award related to the Daiichi Sankyo case. These entities include Radha Soami Satsang Beas head Gurinder Singh Dhillon and his family members.

"The parties... are directed to deposit the amount due to respondent No.19 (RHC Holdings) with the Registrar General of this Court within 30 days. If any party disputes the claim of respondent No.19 or other judgment debtors, the affidavit be filed to place on record their contention." the order read.

The 55 garnishees have been directed to not dispose of, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets which are mentioned in their affidavit submitted to the court. The parties can utilise their assets to carry out the ordinary course of business such as payment of salary and statutory dues till the next date of hearing, the order said. The next date of hearing is 14 November.

The case has been going on since a Singapore tribunal in April 2016 passed an arbitral award in Daiichi Sankyo’s favour, holding that Malvinder and Shivinder Singh had concealed information that their company -- Ranbaxy Laboratories -- was facing probe by the US Food and Drug Administration and the Department of Justice while selling its shares in the company to the Japanese firm.

On 31 January, 2018, 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 Laboratories when Daiichi-Sankyo bought their 34.82% stake for $2.4 billion in 2008. Malvinder Singh had said the 3,500-crore arbitration award could be paid if the money owed was recovered.

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