The Delhi High Court pulled up Malvinder Mohan Singh on Wednesday for selling his shares in Religare Healthcare for Singapore $3.5 million (approximately US $2.47 million) instead of paying up Daiichi Sankyo. Malvinder has been asked to deposit the money in Daiichi’s account. The court said that by selling the shares, Malvinder disobeyed its order that barred him from selling unencumbered assets. The order came after the court was informed by Malvinder’s counsel that 4,500,000 equity shares in Religare Healthcare were sold in April. The court has also attached all shares of companies that have the Fortis trademark. In April 2016, a Singapore tribunal had passed the award in Daiichi's favour, holding that the brothers had concealed information that their company was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares. Daiichi had moved the Delhi High Court to enforce this arbitration amount. In February, the court had upheld the arbitration award.
No comments:
Post a Comment