The Delhi High Court today restrained former Ranbaxy Laboratories Ltd promoters Malvinder and Shivinder Singh from operating their bank accounts in India or abroad and selling any property.
The brothers had appeared in the court in pursuance to its earlier direction to know how they were going to repay the money to Japanese pharma major Daiichi Sankyo, which had come to the high court seeking execution of the Rs 3,500 crore arbitral award won by it.
Justice Rajiv Shakdher, who recorded the depositions of the Singh brothers on oath, also directed them to submit the gift deed of a painting worth Rs 7.59 crore, title document of their Singapore apartment and details of any other bank account, if any.
As the counsel for the two brothers maintained that they do not have any money, the court said why don't they declare themselves insolvent.
"If they don't have money, why don't they declare themselves insolvent. It's simple. The best way to protect themselves is that they go for insolvency," the judge said, during an over two-hour-long hearing.
Besides the Singh brothers, the court also directed their firms RHC Holding Pvt Ltd and Oscar Investments Ltd to disclose the bank account details.
While recording their depositions, the court asked them various questions ranging from number of bank accounts in India and abroad, their balances, properties, sculptures and assets.
On being told by Malvinder that his Singapore property, which was mortgaged to a bank, was in a process to be sold, the court said, "you will not finalise the sale transaction without court's permission."
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