Delhi HC restrains Singh bros from selling assets

Team SoOLEGAL 20 Feb 2018 1:40pm

Delhi HC restrains Singh bros from selling assets

New Delhi: While listening to a plea by Japanese drug maker Daiichi Sankyo for enforcing of award of Rs 3500 crore as upheld by the Delhi HC, the court ordered Singh brothers Shivinder Singh and Malvinder Singh, former owners of Ranbaxy Laboratories to maintain status quo on the assets held by them. The court will hear this matter further on February 26. The court also asked the brothers and 12 others, which includes their family members to share the plan by which they would deposit the amount of Rs 3500 crore.

It will be pertinent to inform the reader here that Singh brothers had filed a petition with Supreme Court for stay against the upholding of award money by High Court. However Supreme Court declined to interfere in the matter.

This award of Rs 3500 crore was given by Singaporean arbitration panel as compensation against Ranbaxy owners for withholding of information which might have affected the sale.

Tagged: Delhi HC   Singapore Arbitration Centre   Daiichi Sankyo  
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