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The Supreme Court said that it will hear and decide the contempt case against Singh Brothers, Malvinder Singh and Shivinder Singh.
“If we find them guilty of contempt we will send them to jail”, CJI Ranjan Gogoi remarked.
This was after the Singh Brothers failed to come up with a proposal to secure the award passed by a Singaporean Arbitration Tribunal in favour of Daiichi Sankyo.
The Court today stayed the proceedings in National Company Law Tribunal and listed the matter for hearing on April 11.
When the matter came up for hearing today, the Bench said
“We want to secure the amount. How are you planning to do it?”
The Singh brothers expressed doubt about the value, which the properties of the operational companies would be able to fetch.
Shivinder Singh said that if the operational companies are liquidated, it would fetch only Rs. 900 crore, which would not be sufficient.
He offered to work with Daiichi for two years to raise the value of the companies to Rs. 2000 crore in the next two years.
The Court has now kept the matter for hearing on April 11 when it will hear the contempt case.
Senior Advocate PS Patwalia and advocate Neeha Nagpal appeared for Shivinder Singh. Senior Advocate Kapil Sibal appeared for Malvinder Singh.
Read the order below.