Daiichi intervenes in HDFC’s insolvency case against Singh brothers

The National Company Law Tribunal has directed HDFC and the holding company, RHC Holding, to respond to Daiichi's plea before the next hearing on October 4, said lawyers.ET Bureau  |  September 19, 2018, 07:30 IST
HDFC is seeking to recover outstanding dues worth Rs 41.1 crore from RHC.
HDFC is seeking to recover outstanding dues worth Rs 41.1 crore from RHC.
NEW DELHI: Daiichi Sankyo has objected to HDFC Ltd’s insolvency case against the holding company of former Fortis promoters, Malvinder and Shivinder Singh, stating it would affect the Japanese drug maker's enforcement of a Rs3,500 crore arbitration award against the brothers. The company has sought to be included in the existing proceedings.

The National Company Law Tribunal has directed HDFC and the holding company, RHC Holding, to respond to Daiichi's plea before the next hearing on October 4, said lawyers present during the proceeding on Tuesday.

HDFC is seeking to recover outstanding dues worth Rs 41.1 crore from RHC.

Daiichi secured its arbitration award against the Singhs in 2016 after it alleged that the brothers concealed information regarding wrongdoing at Ranbaxy when selling the company to the Japanese firm for $4.6 billion in 2008.