New Delhi: Former Fortis Healthcare Ltd promoter Shivinder Singh has offered the Delhi high court to allow him to mediate with Japanese pharma major Daiichi Sankyo Inc. to pay his part of the dues in the ongoing arbitration case against him and his brother Malvinder Singh.
The Delhi high court has directed him to come up with a “proposal” to pay his share out of the arbitral award of ₹ 3,500 crore by 30 October, the next date of hearing in the Daiichi Sankyo case.
“Because of them (Daiichi), my (Shivinder’s) worth has depleted,” said A.K. Vali, who was appearing on behalf of Shivinder Singh. “Let us work jointly and let it be a win-win situation for all,” he added.
“Bring something which is solid and substantial,” the court said.
In August, the court had restrained former Ranbaxy Laboratories Ltd promoters—Singh brothers Malvinder and Shivinder—from operating their bank accounts in India or abroad and selling any property.
The court also ordered release of the ₹ 3.5 million Singapore dollars, which Malvinder Singh had obtained by selling his 45 lakh equity shares in Religare Healthcare Trust in April.
He was ordered to deposit this amount with the court towards part payment of the arbitral award on the condition that Daiichi Sankyo would return the amount with suitable interest if the Singapore court hearing the Singh brothers’ matter rules in their favour.
On Thursday, the Delhi high court was hearing a petition filed by Daiichi Sankyo seeking execution of the ₹ 3,500 crore arbitral award that it won from a Singapore tribunal in April 2016.
The Delhi high court had on 19 February restrained the Singh brothers from selling or transferring their shares or any movable or immovable property as disclosed by them before the high court. It had also directed the brothers and their firms RHC Holding Pvt. Ltd and Oscar Investments Ltd to disclose the bank account details.
The case has been going since a Singapore tribunal in April 2016 passed an arbitral award in Daiichi Sankyo’s favour holding that the Singh brothers had concealed information that their company—Ranbaxy Laboratories—was facing probe by the US Food and Drug Administration and the Department of Justice while selling its shares in the company to the Japanese firm.
The Singh brothers sold Ranbaxy Laboratories to Daiichi Sankyo in June 2008. In April 2014, Sun Pharmaceutical Industries Ltd bought Ranbaxy from Daiichi Sankyo.