Daiichi case: Delhi HC allows sale of listed shares of Shivinder Singh

The proceeds are to be deposited with the court registrar, Justice Jayant Nath said on Tuesday.

Prabha Raghavan | ET Bureau
Advt.

New Delhi: The Delhi High Court has allowed the sale of unencumbered shares held by all respondents, except for Malvinder Singh, in listed companies towards the repayment of an arbitration award by Daiichi Sankyo.

The proceeds are to be deposited with the court registrar, Justice Jayant Nath said on Tuesday.

The chartered accountant is still in the process of valuation of these shares, according to the lawyer for the respondents.

The Delhi Debt Recovery Tribunal has ordered a stay on the sale of unencumbered assets of Malvinder Singh in a separate case by Yes Bank, the lawyers for the respondents told the court. The high court has issued a notice to Yes Bank seeking it’s response.

The respondents on Tuesday moved an application seeking a stay on the enforcement proceedings as a Singapore court has reserved its judgment in an appeal by Malvinder and Shivinder Singh against Daiichi’s award.

Daiichi case: Delhi HC allows sale of listed shares of Shivinder Singh
The counsel for the respondents told court that the judgment was expected in June and the proceedings to enforce the award here should be stayed until then.

The court will take up this application on May 14.

Daiichi Sankyo is seeking to recover over Rs3,500 crore from the Singhs, former promoters of Ranbaxy.

In 2016, a Singapore arbitration tribunal directed the brothers and other respondents like companies controlled by them to pay Daiichi damages for allegedly concealing information regarding wrongdoing at Ranbaxy when selling it to the Japanese drug maker for $4.6 billion in 2008.

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