Team  SoOLEGAL

Delhi HC orders freezing of unpledged assets of former Ranbaxy promoters

Team SoOLEGAL 27 Feb 2018 3:49pm

Delhi HC orders freezing of unpledged assets of former Ranbaxy promoters

New Delhi: While listening to plea filed by Daiichi Sankyo,a Japanese Pharma  major, Justice Jayant Nath of the Delhi high court issued orders for freezing of  unencumbered assets of two asset holding companies,RHC Holdings and Oscar Investments of former promoters of Ranbaxy Laboratories Malvinder Singh and Shivinder Singh .

This has been done to arrange assets for payment of Rs 3,500-crore arbitral award won by  Daiichi Sankyo in Singapore and upheld by Justice Jayant Nath earlier this year.

The counsel appearing for Daiichi asked for attachment of assets for execution of the award which was opposed by the counsel appearing for the Singh brothers.He asked the court to issue orders for appointment of Chartered Accountant who could take the process further.However the court rejected the argument and ordered seizure of assets.The court has given Singh brothers 10 days time to provide details of their unpledged assets.

The court has also barred RHC Holdings from operating its bank accounts, except for payment of salaries and statutory dues and directed the Singh brothers to maintain status quo on all the assets where they have any interest.The court will further hear the matter on March 23.

A tribunal in Singapore had earlier given an award in favour of Daiichi, holding that the Singh brothers concealed information that the Indian company was facing probes by the US Food and Drug Administration and the Department of Justice, while selling its shares.


Tagged: Delhi High Cour   Ranbaxy   Daiichi   Singapore Arbitration  
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