The Delhi High Court on Tuesday ordered the auction of the Fortis brand. The case pertains to a Rs 3.5 billion arbitration award made in favor of Japanese pharmaceutical company Daiichi Sankyo and against the former promoters of Ranbaxy. Justice Sachin Dutta passed the order on an application filed by Daiichi Sankyo. In this, there was a demand for the sale of the Fortis brand. It is owned by RHC Healthcare Management Services Pvt Ltd, which is one of the judgment debtors in the case. According to PTI News, this application was filed along with the petition filed by Daiichi Sankyo.
An appeal was filed to implement the decision.
According to the news, this petition appealed to implement the Singapore Arbitration Court’s decision of Rs 3.5 billion passed in April 2016 against former Fortis Healthcare promoter brothers Malvinder Mohan Singh and Shivinder Mohan Singh and in favor of Daiichi Sankyo Was . The High Court in its order said that the Joint Registrar (Judicial) concerned in this Court will proceed with public auction of the above assets of the judgment debtors i.e. brand name Fortis and issue a proclamation.
An amount of Rs 191.5 million can be recovered.
Daiichi’s lawyer said that despite the arbitration court ruling in favor, only a small amount has been recovered so far. During the hearing, it was said that if the Fortis brand is auctioned, an amount of at least Rs 191.5 million could be recovered. Fortis Hospitals Limited had previously objected to this, but its lawyer later withdrew the objection. The court has asked the Joint Registrar (Judicial) to submit a report on the conclusion of the auction process.
A Singapore court had issued a Rs 3.5 billion arbitration award in favor of Daiichi in 2016. It had also ordered the Singh brothers to pay compensation for concealing information about the ongoing investigation against them in the United States at the time of the sale. of your company.
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