Daiichi Sankyo vs Singh Bros: Delhi HC orders status quo on SRL Diagnostic trademark; issues notice in plea for its sale

The Delhi High Court has issued notice in Daiichi Sankyo's application for the sale of SRL trademark (Daiichi Sankyo Company Ltd vs Malvinder Singh & Ors).The Court has also ordered maintenance of status quo with respect to the rights of the parties in the SRL trademark. .The application forms part of Daiichi Sankyo's execution proceedings in connection with the Rs 3,500 crore arbitration award against Religare promoters, Malvinder and Shivinder Singh and others..Subramanium, Nigam, Kathpalia win for Daiichi against former Ranbaxy owners.A Single Judge Bench of Justice Rekha Palli, who heard the matter through video conferencing, issued notice to the Singh brothers, who are presently in judicial custody in the Religare Finvest misappropriation of funds case, and other judgment debtors..Daiichi Sankyo informed the Court that the SRL trademark was initially held by judgment debtor RHC Holding. However, in December 2017, RHC Holding, which is controlled by Singh brothers, transferred SRL trademark in favour of its subsidiary, M/s Headway Branch Private Ltd..Daiichi Sankyo thus sought a direction to sell SRL and its allied trademarks after the appointment of a court commissioner for the purpose of carrying out valuation..In view of the fact that the assignment was made after the award was passed, the Court ordered, .In the meanwhile, keeping in view the fact that this trademark appears to have been assigned after the award was passed on 29.04.2016, M/s. Headway Branch Private Ltd. is restrained from creating any third party rights in the trademark ‘SRL’ assigned to it by JD-19 on 29.12.2017 and is directed to maintain status quo with respect to the equity shareholding of JD-19 (RHC Holding).Delhi High Court.The Court also permitted counsel for Singh brothers to communicate with him through video conferencing. .Last month, the Court had issued notice in Daiichi Sankyo's application for the sale of Religare and Fortis trademarks..Daiichi Sankyo was represented by Senior Advocates Arvind K Nigam, Arun Kathpalia with Advocates Amit Kumar Mishra, Mohit Singh, Samridhi Hota, Kanika Singhal, Shivam Pandey, Saloni Agarwal, Kunal Chatterji, Rohan Jaitley, Aditya Shankar..Malvinder Singh was represented by Advocates Suman Yadav. Shivinder Singh was represented by Advocate Aditya Dewan..Senior Advocate Sanjay Jain with Advocates Salaam Hasan, Abhijit Mittal represented SRL Diagnostics. .The matter would be heard next on July 28..Read the Order: