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Ex-Ranbaxy promoters to submit asset declarations to Delhi HC in Daiichi Case

Ex-Ranbaxy promoters to submit asset declarations to Delhi HC in Daiichi Case

Arguments to be heard in March 2017

New Delhi: Hearing on the case of enforcement of Singapore arbitration award on Singh brothers on Monday, the High Court has granted three more days to Shivinder Singh and other respondents to declare their assets. This came after Senior advocate Harish Salve, appearing on behalf from Singh Brothers reasoned the delay of submissions to the court as procedural.

Though the date set for submissions of asset declarations by Singh brothers and other respondents was Monday, but only Malvinder Singh submitted the declarations, while others including Shivinder Singh’s declarations were not submitted, reports Business Standard.

Advocate Salve, appearing on the behalf of Ranbaxy assured the court, that the declarations of all the respondents including Singh were ready, but could not be submitted due to procedural issues.

Concerns were also raised by Salve, on November 4 order of the court against the need for filing of asset declaration by Ranbaxy former owners and other respondents claiming it to be capable of misuse. He added that its could be misused by Daiichi in any inter-party proceedings.

“The enforcement of the award is in this court. The applicants cannot be allowed to take these declarations to other foreign jurisdictions. It is the foreign court’s job to pass similar orders if necessary. I am worried about such carte blanche (complete freedom to act) orders,” Salve added

Meanwhile, he questioned Daiichi’s veracity to attempt obtain the declarations before continuing with the actual proceedings, added that Singhs are in-charge of several large companies at present, adding that they cannot afford to become defaulters “These declarations have no association with the main matter; let’s get on with the real dispute,” he said

It is decided that the brothers and the other respondents are going to provide the declarations in sealed envelopes.

Applications in the matter, including the application for modification of the earlier order shall be considered on Feb 1, 2017 and main arguments will be heard from March 27, 2017 onwards.

There is a running case on Singh brothers in High Court regarding enforcement of Singapore arbitration award of Rs 2562 crores. The former Ranbaxy promoters had objected to the enforcement of Singapore arbitration award in India. In a proceeding on Monday it was said by their supporting lawyer that the enforcement of arbitration award on the two does not have any grounds in India.

Read Also: Singapore arbitration award of Rs 2,562 crore holds no grounds in India: Ex Ranbaxy Owners 

Source: With inputs
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