Delhi HC directs Singh Brothers to Maintain Status-quo over Assets & Properties

Team SoOLEGAL 25 Oct 2019 3:07pm

Image courtesy: Delhi HC directs Singh Brothers to Maintain Status-quo over Assets & Properties

A single Judge Bench of Justice JR Midha of the Delhi High Court on Thursday directed Malvinder and Shivinder Singh (Former owners of Ranbaxy) to ensure the obedience of Court's earlier orders whereby they were directed to maintain status-quo vis-a-vis their properties, assets, and interests.

The direction was passed by the Court while hearing an application filed by Daiichi Sankyo, a Japanese Drugmaker Company, who sought to hold down the Singh Brothers while they were trying to dispose of their assets and settle the disputes with Religare Finvest.

The Japanese Company, Daiichi Sankyo was represented by Senior Advocate Arvind Nigam, who was briefed by P&A Law Offices.

The Singh Brothers owe around Rs. 3,500 Crores to the Japenese Drugmaker, who is in middle of the execution proceedings for the arbitral award obtained by them against Singh Brothers for the said amount.

Both Malvinder and Shivinder Singh are presently in judicial custody after they were arrested by the EOW, Delhi Police in a criminal case filed by Religare Finvest, which was earlier under complete control of Singh Brothers.

At the time when both brothers had moved an application for interim bail before the trial court, the MM, while hearing the bail application, granted them an opportunity to settle the disputes with the Complainant Company.

After, the observation passed by the Ld. MM, the Japanese company apprehended dispossession of their assets and properties by Singh Brothers and was compelled to file the present application to obtain an injunction on such a move.

The High Court disposed of the application with a direction to the Singh duo to ensure previous order's compliance and remain status quo on their assets, interests, and properties without creating  any third party interest directly or indirectly.

Tagged: Daichii Sankyo   Delhi High Court   Singh Brothers   Religare Finvest   Ranbaxy   P&A Law Offices  
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