“You can’t take the court for a ride. The judgment debtors will have to cough up the arbitration award by any means or go behind bars.”
New Delhi: For the first time the former promoters of Fortis Healthcare have been summoned to court in the case filed by Daichii Sankyo against the Fortis-IHH deal.
The Delhi High Court on Wednesday during the hearing of the case directed brothers Malvinder and Shivinder Singh to appear before it in the next hearing, which will be on 10 August 2018 and explain the reasons for discrepancies in their statements over their holdings in FHL.
The ongoing tussle is between the promoters of the Fortis Group and Japanese multinational Daiichi Sankyo Company over the upheld arbitral award. The single judge bench of Justice Rajiv Shakdher was hearing an application filed by Daiichi Sankyo seeking a stay on Fortis stake sale to IHH Healthcare and the application is the part of the execution proceedings initiated by Daiichi Sankyo against Singh brothers and twelve others.
Medical Dialogues had reported that on January 31 this year, Justice Delhi high court had upheld the arbitral award of the Rs. 3500 crore award passed by a Singapore tribunal in Daiichi Sankyo’s favour.
Directing personal appearance of the Singh brothers, Justice Rajiv Shakdher remarked, “It is clear that the presence of Respondent 1 and 6 (Malvinder and Shivinder Singh) is required in the court. This is getting out of hand. What is the problem in not coming here?”
In a strong message to the brothers, the judge said, “You can’t take the court for a ride. The judgment debtors will have to cough up the arbitration award by any means or go behind bars.”
Meanwhile, the Court has asked the Singh brothers, RHC Holding Pvt Ltd as well as Oscar Investments Ltd to file a reply to Daiichi Sankyo’s plea within one week. “If all the parties do not file a reply, I will proceed ex parte against them,” the judge warned.
The matter would be next heard on August 10.
Below is the attached judgment for the same.