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In a move that further deals a blow to erstwhile Fortis Healthcare promoters Malvinder and Shivinder Singh, the Delhi High Court on Tuesday restricted seven companies owing money to Singh brothers from selling off any assets.
The assets owned by them will be used to recover a part of the ₹3,500-crore arbitration award that the Singapore tribunal awarded to Japanese drug-maker Daiichi Sankyo, an amount that the brothers have to cough up.
There are 38 companies, which are known as ‘garnishees’, that have been made party in the case.
Restraining order
Of the 38 companies, addresses of 31 companies are wrong, it was revealed in the court. The seven companies against which restraining order was passed owe a total of ₹639.35 crore to Singh brothers and own land tracts in various parts of India.
The Singh brothers and their holding companies may have extended the debt to these companies in form of debentures, preferences and equity or a mix of these instruments.
According to documents accessed by BusinessLine , the following seven companies owe Singh brothers and their holding companies: Saubhagya Buildcon owes ₹201.30 crore and owns 5.5 acre in Mohali, Punjab; Torus Buildcon owes ₹125.97 crore and owns three acres in Gurgaon; RS Infrastructure owes ₹275.80 crore and owns 8.07 acres in Gurgaon; Addon Realty owes ₹24.77 crore; Luxury Farms owes ₹11.21 crore; Bindas Realtors owes ₹20 lakh and owns 2.24 acres in Saket, New Delhi; and Vistas Complexes owes ₹10 lakh.
Monies parked
Daiichi had asked the court to freeze any transaction from the downstream companies in which the brothers may have parked their monies. One such is Bindas Realtors , which received money from Shimal Healthcare Pvt Ltd. However, Malvinder and Shivinder are two of the three directors in Bindas Realtors and they also wholly own Shimal Healthcare.
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