Daiichi protests Singhs' Religare Health Insurance stake sale in court

Claims they violated order to inform court about transactions of their unencumbered assets

Daiichi Sankyo approached the Delhi High Court on Monday to protest against the 80 percent stake sale of Religare Health Insurance by former Ranbaxy promoter's Malvinder and Shivinder Singh. The objection to the April 9 sale of Religare's insurance business with private equity fund True North Managers marks Daiichi's latest attempt at securing the assets of the Singh brothers for the realisation of a Rs 2,562 crore Singapore arbitration award in favour of the Japanese pharmaceutical major.

Senor advocate C A Sundaram began Monday's proceedings by claiming that the former Ranbaxy promoters had, by conducting the Rs 1,300 stake sale, brazenly