Team  SoOLEGAL

Daiichi files application in Delhi High Court to stop sale of Fortis to Manipal

Team SoOLEGAL 5 Apr 2018 5:37pm

Daiichi files application in Delhi High Court to stop sale of Fortis to Manipal

New Delhi: In a bid to protect its interest the Japanese pharma major Daiichi Sankyo filed an application in Delhi High Court to block sale of Fortis Healthcare to Manipal Health Enterprises until the arbitration award worth Rs 3500 crore won by it was paid by Fortis promoters.

In its application, the company claimed that Fortis hospitals is one of the key assets owned by the promoters of Fortis and any sale would affect the discharge off arbitration award of Rupees 3500 crores in its favor. It will be important to mention that Singh Brothers, the erstwhile promoters of Fortis till December 2017 had a share holding of 34.43% but currently own only 1% in the company.

Daiichi has also asked the court to direct Singh brothers to deposit entire amount of Rs 3500 crore along with interest and litigation cost. Further it has asked the court to prevent Singh brothers and their wives from traveling abroad. 

Commenting on the move by Daiichi, the Singh brothers Malvinder and Shivinder said, “ We have, and will, continue to abide by the honourable court directives. It is unfortunate that Daiichi Sankyo is constantly trying to spread misinformation about us with a malafide intent, they are making all possible efforts  to sabotage the Fortis deal ”.

Singh Brothers have filed an application with arbitrator in Singapore which is going to hear the case on April 9. They say Daiichi is apprehensive of an unfavorable order and that is why filing an application like this.

Daiichi had bought Ranbaxy in 2008 but it was later found by them that their were irregularities in Ranbaxy's operations of which they were not informed when they made the deal.

Tagged: Daiichi   Ranbaxy   Delhi High Court   Fortis  
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