Do Not Sell any assets without Permission: Delhi HC to Singh Brothers

New Delhi: Post the Daiichi application in the Delhi High Court to stop the ex-Ranbaxy's owners Malvinder and Shivinder Singh to sale their any of stakes, the Court has now directed the two brother to seek the permission of the Delhi High Court before to sale of their assets.

Meanwhile, as per the Daiichi's application to the court, the court has also directed the Singh brother to submit the details of all unencumbered assets, as in its last application, Daiichi requested to Delhi high to asked the Singh brothers to disclose their worth of holdings . The Japanese company has shown concern whether the owners have enough amount or not to pay Rs. 2600 crore to Daiichi or not.

Medical Dialogues earlier reported that Japanese Company Daiichi Sankyo filed an application in the Court in order to block the former Ranbaxy owners Malvinder and Shivinder Singh’s to sell any of their stakes in Fortis Healthcare and allied subsidiaries.In the last application of Daiichi to Delhi High Court, Daiichi has also alleged that the Singh brothers have not obeyed the court’s order as it had directed them to submit the details of their assets value that can be considered during the award’s enforcement trial. The pharma company alleged that affidavit filed by the brothers is “not in terms” and “inconsistent with the court order and that they have failed to provide assurance that the assets, to the extent of the award amount, will remain and won’t be alienated until the award is enforced The Singh brothers on the other hand have denied the fact by saying that they have followed the court order.

Read also: Daiichi again moves to Court to Block Fortis Stake Sale

Justice Muralidhar in his order said, “It is clarified that the purpose of this direction is to ascertain how much of the assets of (the respondents) are realisable towards satisfaction of the decretal amount, as and when that stage arises."

“Both Dr Singhvi and Mr Nayar state that if any change is proposed in the status of any of the unencumbered assets whose details are to be furnished... the respondents will first apply to the court,” the order said.

The court has also directed the chartered accountants for the respondents to furnish within 10 days certificates giving the value of all unencumbered assets of Oscar Investments and RHC Holdings, the holding company of the Singh Brothers, reports ET

To read the full story about the court proceedings on this issue, click on the ET story

Ranbaxy's Singh brothers must seek permission to sell assets: High Court