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Erstwhile Fortis promoters Malvinder and Shivinder Singh are liable to pay ₹3,500 crore to Japanese drug-maker Daiichi Sankyo, a single judge bench of the High Court of Singapore has ruled.
After nearly two years, Justice Belinda Ang has upheld the arbitral award passed by a tribunal comprising Professor Lawrence GS Boo, Karyl Nairn and Justice (Retd) AM Ahmadi on April 29, 2016, in favour of Daiichi.
The Singapore Court has imposed a joint and several liability of ₹3,500 crore plus interest on the Singh brothers and other members in the case. A favourable order from the Singapore High Court essentially paves the way for Daiichi to continue its pursuit of monies from the brothers and their companies in question in the Delhi High Court.
The Singapore judge’s order has dismissed the application to set aside the award against Malvinder Singh, Shivinder Singh and other members of the Singh family. However, minors in the family have been exempted.
While senior lawyer Gopal Subramanium was representing Daiichi in the case, Harish Salve was representing the brothers. This is the first time two senior counsels from India were allowed by the Singapore High Court to argue on certain aspects of Indian Law, which was essential for the adjudication of the case.
The enforcement proceedings had commenced in India and the decision of the High Court of Delhi dismissing objections under Section 48 of the Arbitration and Conciliation Act, 1996, was issued by Justice Jayant Nath in favour of Daiichi Sankyo on January 31 this year.
A Supreme Court of India Bench of Justice Ranjan Gogoi and Justice R Banumathi had upheld the decision of the High Court of Delhi on February 16.
The brothers can now challenge the judgment in the Supreme Court of Singapore.
It was alleged that the Singh brothers had concealed information while selling shares of Ranbaxy to Daiichi.
SEBI fiat to Fortis
PTI reports: Markets regulator SEBI on Friday directed Fortis Healthcare and Fortis Hospitals to take necessary steps to recover ₹403 crore, along with interest, from Shivinder Mohan Singh, Malvinder Mohan Singh and seven other entities within three months.
The fresh order comes after the two companies made representation to the markets regulator.
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