INSUBCONTINENT EXCLUSIVE:
New Delhi: The Delhi High Court allowed the sale of unencumbered shares held in listed companies by former Ranbaxy promoter Malvinder Singh
towards part payment of an arbitration award in favour of Daiichi Sankyo
The proceeds are to be deposited with the court.
The high court has also ordered parties owing money to Malvinder and Shivinder Singh and
other respondents in the case to submit a reply either affirming the loans or objecting to the claims.
Justice Jayant Nath on Monday further
directed two companies controlled by the Singhs to submit affidavits disclosing the number of shares held by Fortis Healthcare Holding Pvt
Ltd in Fortis Healthcare Ltd as on February 28, 2017 and now
The companies, RHC Holding and Oscar Investments, are also expected to indicate whether these shares were encumbered or unencumbered and to
what extent.
RHC and Oscar hold stake in Fortis Healthcare through Fortis Healthcare Holding.
The court has already allowed the sale of
unencumbered shares held in listed companies by Shivinder Singh and other respondents in the case.
Proceeds from the sales of all of these
listed shares are to be deposited with the registrar general of the high court, Justice Jayant Nath said on May 8.
It is not clear what
value Daiichi can get from the sale of the listed shares as these assets were disclosed to court in a sealed cover.
The court had earlier
excluded Malvinder Singh from its ruling because the Delhi Debt Recovery Tribunal had ordered a stay on the sale of his unencumbered assets
in a separate case by Yes Bank
Yes Bank and Axis Bank, which also had filed a case in front of DRT and received a similar stay, asked the high court on Monday to hear
them when it decides to disburse the amount to Daiichi
This is to determine their share.
Daiichi Sankyo is seeking Rs 3,500 crore from Malvinder and Shivinder Singh for allegedly concealing
information of wrongdoing at Ranbaxy when they sold the company to the Japanese drug maker for $4.6 billion in 2008.
The respondents earlier
this month moved an application seeking a stay on the enforcement of the Daiichi award here as a Singapore court has reserved its judgment
in an appeal by the brothers
Their counsel told the court that the Singapore judgment was expected in June.
The court will hear this matter next on May 30.
