INSUBCONTINENT EXCLUSIVE:
Thursday reserved its order on a contempt plea filed by Japanese pharma company Daiichi Sankyo against the Ranbaxy's Singh brothers over
non-payment of Rs 3,500 crore in an international arbitration award.The bench headed by Chief Justice Ranjan Gogoi said it will decide on
the issue of "contempt of court" only.Senior advocate Fali Nariman appearing for Daiichi told the SC that former Ranbaxy promoter Malvinder
Singh had given an undertaking in the Delhi High Court that the value of their "unencumbered assets" was Rs 452 crore.Mr Nariman said the
Delhi HC-appointed valuer had prepared two reports
Counsel for Malvinder Singh told the court that the enforcement proceedings against them are still pending before the HC, and that all the
bank accounts have already been frozen by the court
His counsel said it is a civil contempt case, and Mr Malvinder hasn't violated any court order.Shivinder Singh, brother of Malvinder,
through his counsel, told the court the current contempt emerges for not following an interim order
During the hearing, Mr Malvinder presenting his point regarding the allegations of violating restraint on dealing with Fortis shares, said:
"I didn't violate restraint on dealing with Fortis' shares, Indiabulls did that."On March 14, the top court had asked the two to submit a
concrete plan for repaying the Japanese firm in consultation with their accountants and financial/legal advisors and then inform the court
But, the bench noticed that no payback plan has been put in place.Malvinder's counsel had told the court that they have been duped and
"nearly Rs 6,300 crore has been siphoned".Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
TheIndianSubcontinent.com/elections
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