Ex-Ranbaxy promoter in disobedience of HC order, directed to deposit 3.5 million Singapore dollars

The Delhi High Court Wednesday directed former Ranbaxy Laboratories Ltd promoter Malvinder Singh to deposit with it 3.5 million Singapore dollars, which he obtained by selling his shares in a company in violation of court's direction.

Justice Rajiv Shakdher said undoubtedly there has been disobedience of the court's previous directions by Malvinder, who along with his brother Shivinder Singh, was directed not to sell their assets.

The court's order came after it was informed by the counsel for Malvinder, who was present in the court, that his 45 lakh equity shares in Religare Healthcare Pvt Ltd were sold in Singapore in April.

The counsel said Malvinder had received 3.5 million Singapore dollars by selling the shares and the amount was used by him and his brother to pay EMIs of an apartment in Singapore to avoid any default of payment.

The court was hearing a petition of Japanese pharma major Daiichi Sankyo, which had come to the high court seeking execution of the Rs 3,500 crore Singapore tribunal arbitral award won by it in April 2016.

Daiichi's counsel contended that Malvinder was in contempt of the court's February 19 directions by which the two brothers were directed to maintain status quo on the assets they have disclosed during the case.

The court had restrained the brothers and 12 others from selling or transferring their shares or any movable or immovable property as disclosed by them before the high court earlier.

Taking note of the breach of directions passed by it, the judge said, "Undoubtedly there had been disobedience of the directions of the court. For the moment respondent 1 (Malvinder) is directed to deposit the money received by him upon sale of these shares with the registry of this court."