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More legal woes for Singh brothers: Daiichi Sankyo files fresh petition against them in Delhi High Court

Team SoOLEGAL 15 Feb 2018 2:19pm

More legal woes for Singh brothers: Daiichi Sankyo files fresh petition against them in Delhi High Court

NEW DELHI: A plea has been filed by Japanese drug maker Daiichi Sankyo in Delhi High Court against  former Ranbaxy promoters Malvinder and Shivinder Singh, for allegedly violating a previous order of the court to maintain the status quo of their unpledged assets. On this ground their counsel (from P &A Law offices) has sought  initiation of procedure of contempt of court against them. Justice Jayant Nath is expected to hear the case.

The petition alleges that reduction in shareholding  of promoters in RHC Holding, the primary shareholder in Religare Enterprises amounts to violation of the High Court’s  earlier order given in last March.

The petition says that the court’s March 6 order, had recorded a statement by RHC Holding’s counsel that the firm would seek court’s permission before changing the status of its unpledged assets. Apart from the contempt proceedings, Daiichi has also asked the court to direct RHC Holding to deposit or furnish a bank guarantee of Rs 3,500 crore with the court’s registrar. Alternatively, it has asked the court to direct the attachment of RHC’s assets of a value equivalent to Rs 3,500 crore.

It will be pertinent to mention here that the Delhi High Court had upheld the awarding of compensation of Rs 3,500 crore to Daiichi by Singh brothers by the Singaporean arbitrator  for withholding  information on wrong doing in Ranbaxy when they sold their company to them in 2008.

Tagged: Delhi High Cour   Ranbaxy   Daiichi  
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