HC seeks Singh brothers' response
New Delhi: The Delhi High Court has sought response of former Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh on a plea by Daiichi Sankyo seeking to attach and sell trademarks of Fortis and Religare and recover the amount due to the Japanese company.
The high court has directed for maintaining status quo on the Religare trademark till July 28. The high court has been hearing the petition filed by Japanese pharma major Daiichi Sankyo seeking execution of Rs 3,500 crore Singapore tribunal arbitral award passed in its favour and against the Singh brothers, former promoters of Fortis Healthcare, in April 2016.
Justice RekhaPalli, who was conducting the hearing through video conferencing, issued notice to the Singh brothers and others on Daiichi's application seeking directions to restrain M/s EliveInfotech Private Ltd from creating any third party rights in the Religare trademark, attaching equity shareholding of RHC Holdings Pvt Ltd in EliveInfotech Pvt Ltd.
The application has also sought direction for selling trademarks of Fortis and Religare through a court commissioner and crediting the amount received from the sale of the trademarks to Daiichi towards part satisfaction of the decree.
In the light of the fact that the Decree Holder (Daiichi) is entitled to recover a substantial sum from the Judgement Debtors (JD) under the award amount, M/s EliveInfotech Private Ltd is directed to maintain status quo, till the next date, with respect to the equity shareholding of JD No. 19 (RHC Holding) and the Religare trademark which were assigned to it by the assessment deed dated November 1, 2017 , the high court said in its order, which was passed on Wednesday and made available on Thursday.
It also sought response of Malvinder Singh on another application by Daiichi seeking cancellation of an October 2017 gift deed saying he deliberately gifted a sculpture worth Rs 7.59 crore to his minor daughter after the arbitral award was passed.
