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Multinational pharmaceutical company Daiichi Sankyo and HDFC Bank are at logger heads with each other to ensure that they are not denied their rightful money by erstwhile Fortis promoters, the Singh brothers. In the latest twist of the tale, Daiichi has moved the National Company Law Tribunal (NCLT) to stay insolvency proceedings of RHC Holdings, initiated by HDFC bank.
HDFC had earlier moved NCLT for recovery of dues from RHC Holdings. Daiichi in its plea to NCLT has stated, "Insolvency proceedings should not carry on matter pending with the high court."
Daiichi has filed an intervention application in HDFC's insolvency plea, saying they have the decree to recover dues from RHC Holdings.
Daiichi moved the Delhi High Court earlier in July this year, and filed an interlocutory application to stall the Fortis - IHH deal from coming through, considering the Singh brothers had not respected the decree of an arbitration that entitles Daiichi to an award of Rs 3,500 crore on date.
NCLT has directed RHC Holdings and HDFC to reply to Daiichi's plea within a week.
RHC Holdings is founded by Singh brothers, Malvinder and Shivinder, and has four companies - Healthfore Technologies Limited, Religare Health Trust, Dion Global Solutions and Ligare Voyages under its fold. Of these, when the court commissioner in the Daiichi recovery case tried to commence the sale of 31, 67, 875 shares of Healthfore Technologies Limited, owned by brothers and their family members, not even one share could be sold in the market, as there were no takers for it. The commissioner later informed this to the court in its report.
Similarly, of 75,20,630 shares of Dion Global Solutions that had to be sold, only 1,116 shares were sold fetching a paltry amount of Rs 15,624 in court's coffers, while the ideal realisable value of these company shares, hypothetically estimated if they were sold at current market prices would be a whopping Rs 10.52 crore. Non-sale of shares of these companies poses a crucial question on the authenticity of their functioning.
In an affidavit filed with the High Court earlier, Singh brothers had declared the total encumbered and unencumbered value of RHC Holdings at Rs 3579.26 crore.
NCLT will now hear the case on October 4.
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