 "HC allows Daiichi plea seeking Rs 35.6-bn arbitral award against Singh Bros")
Delhi High Court today allowed Japanese pharmaceutical major Daiichi's plea against former Ranbaxy promoters Malvinder and Shivinder Singh and enforced Rs 35.62-billion arbitral award.
The arbitral award is also under challenge by Singh brothers in Singapore Court of Appeals.
Daiichi had approached the High Court last year to seek the enforcement of a Rs 25.62-billion Singapore arbitral award delivered in April 2016.
Daiichi had additionally claimed Rs 10 billion in interest and lawyers’ fees incurred in connection with the proceedings.
“Today’s judgment by the Hon’ble Delhi High Court has given partial success to some of the sellers of shares of erstwhile Ranbaxy (Respondents). The Court has held the award to be unenforceable against the Minors. However we are disappointed with the ruling against the rest of the sellers. After studying the order in detail the respondents will decide on further course of action," said spokesperson of Malvinder Singh and Shivinder Singh-owned RHC Holding Pvt. Ltd
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