Daiichi: Supreme Court orders personal presence of Singh Brothers [Read Order]

Daiichi: Supreme Court orders personal presence of Singh Brothers [Read Order]

Murali Krishnan

The Supreme Court today ordered Singh Brothers, Malvinder Singh and Shivinder Singh, to be personally present in Supreme Court on March 14.

The order was passed by a Bench of Chief Justice of India, Ranjan Gogoi and Justices Navin Sinha and Sanjiv Khanna.

The Court was hearing a contempt plea by Daiichi against the Singh brothers and Indiabulls alleging that the two created encumbrances on 1.2 million shares of Fortis Healthcare despite court’s orders against it.

The Supreme Court had on August 11, 2017 ordered that status quo be maintained with regard to the shareholding of Fortis Healthcare Holding Private Limited in Fortis Healthcare Limited.

Subsequently, on February 15, 2018 the Court had clarified that the status quo shall not apply to shares of Fortis Healthcare Limited held by Fortis Healthcare Holding Pvt. Ltd. which were encumbered on or before the interim orders of the Supreme Court dated August 11, 2017 and August 31, 2017.

In its contempt petition, Daiichi-Sankyo has submitted that the Singh brothers and Indiabulls had created fresh encumbrances for nearly 1.7 million shares and the same is in violation of Supreme Court orders of August 2017.

The Court had then ordered status quo on the sale of Fortis Health care shares in December 2018.

In its order passed today, the Court has stated,

“The Court would like to have the personal presence of respondent nos. 2 and 4 in SLP(C) No. 20417/2017 along with their affidavits on the next date fixed i.e. 14.3.2019.”

The case will now be heard on March 14, 2019.

Read the order below.

Bar and Bench - Indian Legal news