BUSINESS
The Delhi High Court on Monday in its interim order attached all assets of RHC Holdings and Oscar Investments.
The Delhi High Court on Monday in its interim order attached all assets of RHC Holdings and Oscar Investments.
The decision would come as a major blow to to Singh brothers – the promoters of Fortis Healthcare and Religare Enterprises.
RHC Holdings and Oscar investments are privately-held holding companies that own assets of Malvinder Singh and Shivinder Singh referred as Singh brothers.
The case is related to the enforcement of a foreign arbitration award of Rs 3,500 crore by Daiichi Sankyo in a case related to the sale of Ranbaxy Laboratories by Singh brothers.
The court directed the Singh brothers to submit list of unencumbered personal assets that need to be valued and liquidated.
Earlier this month, the Singh brothers had jointly tendered their resignation to the company's board following the Delhi High Court order upholding the Rs 3,500-crore arbitral award in favour of Daiichi Sankyo.
The resignation was intended to free the organisation from any encumbrances that may be linked to the promoters, the brothers had said in their letter to the board.
The court had on January 31 upheld an international arbitral award of Rs 3,500 crore passed in favour of Japanese pharma major Daiichi Sankyo, which had alleged that the former promoters of India's Ranbaxy Laboratories had concealed information about proceedings against them by American food and drug department.
A tribunal in Singapore had passed the verdict in favour of Daiichi holding that former Ranbaxy promoters, Malvinder and Shivinder, had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.
The high court order paved the way for enforcement of the 2016 arbitral award passed by the Singapore tribunal against the Singh brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for Rs 9,576.1 crore. Sun Pharmaceuticals Ltd later acquired the company from Daiichi.
Daiichi had approached the high court in 2016 to seek the enforcement of a Rs 2,562 crore Singapore arbitral award passed in April 2016, along with an additional claim of interest and lawyers' fees incurred in connection with the proceedings.
The tribunal's award had come after the Japanese company invoked arbitration clause against Singhs alleging that they concealed important information while selling Ranbaxy in 2008.
Daiichi had entered into a settlement agreement with the US Department of Justice, agreeing to pay USD 500 million penalty to resolve potential, civil and criminal liability.
The company had then sold its stake in Ranbaxy to Sun Pharmaceuticals for Rs 22,679 crore in 2015.
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