The Delhi High Court asked RHC Holdings Pvt. Ltd., owned by former Ranbaxy Laboratories Ltd. promoters Malvinder Singh and Shivinder Singh, to file its reply within four weeks in the contempt plea filed by Daiichi Sankyo Co. against it.
The Japanese drugmaker on June 21 had filed a plea to stop the Singh brothers from issuing fresh shares in Fortis Healthcare Ltd. to dilute their stakes in two holding companies, RHC Holdings and Oscar Investments Ltd. The court had then asked them to ensure that the value of their shares in these companies does not fall.
During Tuesday's hearing, Daiichi's counsel, Senior Advocate Mukul Rohatgi, told the court that respondents have been selling assets despite their undertakings to the court.
Singh brothers are actively working to dilute shareholding in Fortis Healthcare Ltd. (FHL). Their shareholding in FHL as of March 6 was 52 percent, which diluted to 45 percent as on June 21 and then further to 43 percent.Mukul Rohatgi, Senior Advocate
Senior Advocate NK Kaul, counsel for RHC Holdings, said this is the sixth attempt by Daiichi to seek the same order which is a “gross abuse of process”. He further said that Daiichi is using this to delay hearing on the main matter – the drugmaker's plea to enforce the Rs 2,560-crore arbitral award.
The court said the plea to enforce the arbitral award by Daiichi will be heard on July 11 and the contempt plea will be heard on August 10.
Daiichi had last month approached the court to secure assets of the Fortis Healthcare promoters to realise the Rs 2,560-crore arbitration award it won in Singapore last year. The Japanese drugmaker had initiated arbitration against the brothers alleging that they concealed facts while selling Ranbaxy. Daiichi later sold Ranbaxy to Sun Pharmaceuticals.
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