 "Delhi HC refuses to issue notice to Singh brothers on plea filed by Daiichi")
Delhi High Court today refused to issue notice to former Ranbaxy promoters Malvinder and Shivinder Singh on contempt plea filed by Japanese drugmaker Daiichi Sankyo.
HC said it can't allow Daiichi to "hold a gun to Fortis head" for every deal the brothers enter into.
It may be recalled that a Singapore tribunal ordered the Singhs to pay Daiichi Rs 2,562 crore for concealing information regarding alleged wrongdoing at Ranbaxy while selling the company for $4.8 billion in 2008.
HC said it can't allow Daiichi to "hold a gun to Fortis head" for every deal the brothers enter into.
Daiichi has moved court to stop the Singhs from selling their controlling stake in Fortis Healthcare Ltd to Malaysia-based healthcare group IHH, claiming that such a move violates orders passed by the court in an ongoing case to enforce a Rs 2,500-crore award granted to Daiichi last year.
It may be recalled that a Singapore tribunal ordered the Singhs to pay Daiichi Rs 2,562 crore for concealing information regarding alleged wrongdoing at Ranbaxy while selling the company for $4.8 billion in 2008.
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