HC asks Singh brothers to reply to Daiichi plea

Japanese pharma firm Daiichi Sankyo approached Delhi high court once again on Tuesday, to block former Ranbaxy promoters Malvinder Singh and Shivinder Singh from selling their stake in Fortis Healthcare.
 
The court asked the Singh brothers to file a reply before Monday, when next hearing will take place. In its application, Daiichi claimed that the Singh brothers have failed to file details of their debt-free assets in the correct format, as directed by the court on January 23.
 
Daiichi had approached the Delhi high court last year, seeking enforcement of a Rs 2,562-crore Singapore arbitration award against the Singh brothers, as well as asking for an additional Rs 1,000 crore for interest payments and lawyers fees incurred during arbitration proceedings.

 

The April 2016 arbitration award came after Daiichi sued the Singh brothers for allegedly concealing and misrepresenting critical information on proceedings by US agencies before selling their majority stake in Ranbaxy to the Japanese company. It cost Daiichi $500 million to settle up with the US agencies in 2013.
 
In its January 23 order, the high court had allowed Daiichi access to asset declarations by Singh brothers for use in judicial proceedings, subject to an affidavit of confidentiality being filed by the Japanese company.