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Ranbaxy Daiichi Sankyo
Ranbaxy promoters Malvinder and Shivinder Singh have been in the news for wrong reasons. The latest development is one more chapter in the story of their downfall. Here's a peek into their journey
The Delhi High Court on Monday ordered former Ranbaxy promoters Malvinder Singh and Shivinder Singh not to part with any unencumbered (charge-free) assets without first approaching the court in a bid to secure funds for a Rs 2,562 crore Singapore arbitration award in favour of Japanese pharma major Daiichi Sankyo.Senior advocates C A Sundaram and Arvind Nigam, appearing on behalf of Daiichi, began the day's proceedings by pressing on an application seeking to restrain the Singh brothers from transferring shares in subsidiary companies of RHC Holdings (the holding company for a majority of the former Ranbaxy promoters' assets). The application followed two previous attempts to stop the possible sale of Fortis Healthcare, which the Singh brothers have claimed is only to infuse capital into the enterprise and represents 5-10 percent of their encumbered asset value. The Daiichi counsels also informed the court that the Singh brothers had failed to submit all details of their unencumbered .