Business Standard

SC reserves order on plea against Singh brothers

IANS  |  New Delhi 

The on Thursday reserved its order on a contempt plea filed by Japanese pharma company against the Ranbaxy's Singh brothers over non-payment of Rs 3,500 crore in an international award.

The bench headed by said it will decide on the issue of 'contempt of court' only.

Fali Nariman appearing for Daiichi told the SC that former Ranbaxy promoter had given an undertaking in the High Court that the value of their "unencumbered assets" was Rs 452 crore.

Nariman said the HC-appointed valuer had prepared two reports. for told the court that the enforcement proceedings against them are still pending before the HC, and that all the have already been frozen by the court. His said it is a civil contempt case, and Malvinder hasn't violated any court order.

Shivinder Singh, brother of Malvinder, through his counsel, told the court the current contempt emerges for not following an interim order. During the hearing, Malvinder presenting his point regarding the allegations of violating restraint on dealing with shares, said: "I didn't violate restraint on dealing with Fortis' shares, did that."

On March 14, the apex court had asked the two to submit a concrete plan for repaying the Japanese firm in consultation with their and then inform the court on April 5. But, the bench noticed that no payback plan has been put in place.

Malvinder's had told the court that they have been duped and "nearly Rs 6,300 crore has been siphoned".

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 18:42 IST
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