Daiichi

The Supreme Court has held the former promoters of Fortis Healthcare Ltd Malvinder Singh and Shivinder Singh have failed to purge themselves of contempt by not making a genuine attempt to pay Rs 1170.95 crore each towards honouring an arbitral award against them, and handed down six months jail term to them. The contempt proceedings arose out of an action initiated by Japanese firm Daiichi Sankyo Company Limited, seeking enforcement of a foreign arbitral award made in Singapore on April 29, 2016 to the tune of Rs 3,600 crore in its favour and against 20 respondents including Malvinder Mohan Singh, Director of Oscar Investments Limited and RHC Holding Private Limited and Shivinder Mohan Singh, Director of Oscar Investments Limited. The former promoters of Fortis Healthcare Ltd were facing a court battle after Daiichi had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award. The IHH-Fortis deal is stuck due to the legal fight between Daiichi and the ...

The children of former Ranbaxy promoters - Malvinder Singh and Shivinder Singh - approached the Delhi High Court on Friday challenging Daiichi Sankyo's move to realise a Rs 2,562 crore Singapore arbitration award against them in favour of the Japanese pharmaceutical company.Senior advocate Sandeep Sethi, appearing on behalf of the Singh brothers' children, said that the decision of the arbitral tribunal to hold the juveniles joint and severally liable to pay the amount of the international arbitration award was bad in law as per the Indian Contract Act, 1872 under which minors were immune from liability.Claiming that the protection of minors and their estates was part of the fundamental policy of India and an obligation of the court in enforcement proceedings relating to international arbitration, Sethi said that the award could not be enforced against the juveniles as the arbitral tribunal had failed to even appoint a guardian on their behalf. According to the lawyer, even if the ...