Fortis Healthcare: Delhi HC asks Malvinder to deposit 3.5 million Singapore dollars

In the midst of the ongoing turmoil between the warring brothers Shivinder Singh and Malvinder Singh of the Fortis Health care, the Delhi High Court has asked the elder brother and former Ranbaxy promoter Malvinder Singh to deposit 3.5 million Singapore dollars.

Malvinder Singh had received the 3.5 million Singapore dollar after selling his shares worth 45 lakh in Singapore stock-exchange listed Religare Health Trust in April this year.

Justice Rajiv Shakder of Delhi High Court said that this sale was ‘undoubtedly’ in ‘disobedience’ of a February 19, 2018 order of the Court. According to that order Malvidner and his younger brother Shivinder Singh were directed to not sell or mortgage any of their assets.

Justice Shakdher asserted, “Undoubtedly there had been disobedience of the directions of the Court. Therefore, for the moment Respondent 1 is directed to deposit the money received by him upon the sale of these shares with the registry of this court…within four weeks.” The Court has also asked Malvinder Singh to file and submit all the documents concerning to the sale of the said shares.

A sum of Rs 9 crore has been released by the Court in favour of Daiichi Sankyo. According to the directive passed earlier this year to the two brothers, the amount of Rs 9 crore was deposited with the Court’s registry, which was realised from the sale of unencumbered listed shares owned by the both the Singh brothers.

However, the Delhi High Court has asked Daiichi to file an affidavit stating that it would re-deposit the said amount with the Court, with interest, in case an order to that effect is passed in the future.

The Singh brother along with 12 more accomplices were found to have made false claims in a self assessment report. They had also wrongly represented the genesis, nature and severity of the US regulatory investigations into Ranbaxy.

For the first time, the proceedings had also witnessed the two brothers being represented by different counsels. While Senior Advocate Sandeep Sethi appeared for Shivinder Singh, on the other hand Malvinder Singh is represented
by Senior Advocate Akhil Sibal.

Also read: Fortis Healthcare: Shivinder Singh sues brother Malvinder Singh, breaks business ties