The Delhi High Court today passed an order attaching the assets of two companies promoted by former Ranbaxy owners Malvinder and Shivinder Singh, while hearing the plea for execution of the Rs. 3,500 crore arbitral award filed by Daiichi Sankyo..Last month, the Court had allowed the petition by Daiichi Sankyo seeking enforcement of the 3500 crore foreign award passed in 2016 against the Singh Brothers..The award was passed by the Arbitral Tribunal in Singapore consisting of Karyl Nairn QC, Professor Lawrence G Boo and former Chief Justice of India AM Ahmadi. Thereafter, an application for execution of the said order was filed by the Japanese company..Appearing for Daiichi, Senior Advocate PV Kapur submitted that as per the procedure laid down in the CPC, the assets of the companies should be attached and an attachment officer should take custody of the same. Senior Advocate Rajiv Nayyar represented the Singh brothers..The Single Judge Bench of Justice Jayant Nath, while ordering attachment of the assets of Oscar Investments Ltd and RHC Holding Pvt Ltd, also prohibited the Singh brothers from using the bank accounts belonging to the companies, except for paying salaries and/or meeting any statutory obligations..The matter will next be heard on March 23..Image taken from here.
The Delhi High Court today passed an order attaching the assets of two companies promoted by former Ranbaxy owners Malvinder and Shivinder Singh, while hearing the plea for execution of the Rs. 3,500 crore arbitral award filed by Daiichi Sankyo..Last month, the Court had allowed the petition by Daiichi Sankyo seeking enforcement of the 3500 crore foreign award passed in 2016 against the Singh Brothers..The award was passed by the Arbitral Tribunal in Singapore consisting of Karyl Nairn QC, Professor Lawrence G Boo and former Chief Justice of India AM Ahmadi. Thereafter, an application for execution of the said order was filed by the Japanese company..Appearing for Daiichi, Senior Advocate PV Kapur submitted that as per the procedure laid down in the CPC, the assets of the companies should be attached and an attachment officer should take custody of the same. Senior Advocate Rajiv Nayyar represented the Singh brothers..The Single Judge Bench of Justice Jayant Nath, while ordering attachment of the assets of Oscar Investments Ltd and RHC Holding Pvt Ltd, also prohibited the Singh brothers from using the bank accounts belonging to the companies, except for paying salaries and/or meeting any statutory obligations..The matter will next be heard on March 23..Image taken from here.