<p style="text-align: justify;">Former Ranbaxy promoter Shivinder Singh today urged the Delhi High Court to allow him to mediate the Rs 3500 crore arbitration row with Japanese Drug-maker Daiichi Sankyo.</p>.<p style="text-align: justify;">Asking the Court to take into account “<em>the fundamental difference</em>” between “<em>his approach</em>” and his elder brother Malvinder Singh’s approach to the Daiichi-Ranbaxy fiasco, the younger brother said that he wanted to settle the ongoing litigation.</p>.<p style="text-align: justify;"><strong>Advocate AK Vali</strong>, appearing for Shivinder Singh, informed the Court that when he “renounced” the material world for “<em>seva</em>” three years ago, his net worth was Rs 35,000 crore. This value, Vali said, has now depreciated tremendously because of Daiichi Sankyo.</p>.<p style="text-align: justify;">Vali thus sought the Court’s intervention to allow him to sit across the table with Daiichi Sankyo to settle the dispute, while urging Daiichi Sankyo to “<em>work jointly</em>” in the “<em>larger interest</em>“.</p>.<p style="text-align: justify;">A Single Judge Bench of <strong>Justice Rajiv Shakdher</strong> however asked Shivinder Singh to come back with a “<em>viable offer</em>” before the dispute could be referred to mediation.</p>.<p style="padding-left: 30px; text-align: justify;">“<em>If you are a man of honour (as you say), pay him the money and let him go…Sentiments must be backed by substance</em>.”, Justice Shakdhar remarked.</p>.<p style="text-align: justify;">The Court today also ordered the release of Rs 17.65 crore in Daiichi Sankyo’s favour. <a href="https://barandbench.com/delhi-hc-asks-malvinder-singh-to-deposit-3-5-million-singapore-dollars/" rel="noopener" target="_blank">The amount was deposited with the Court’s registry by Malvinder Singh from sale of shares in Singapore stock-exchange listed RHT Health Trust</a>, in disobedience of the Court’s status quo order.</p>.<p style="text-align: justify;">Counsel appearing for Malvinder Singh, <strong>Senior Advocate Akhil Sibal</strong> argued that since the money was received from the sale of assets that are beyond the court’s jurisdiction, it cannot pass an order for release of that money.</p>.<p style="text-align: justify;">While allowing Daiichi application for release of the fund, the Court stated,</p>.<p style="padding-left: 30px; text-align: justify;">“<em>The money is available with Court.. Decree-holder is entitled to the amount in every jurisdiction…application allowed.</em>“</p>.<p style="text-align: justify;">The release marks the second payment towards the satisfaction of the Rs 3500 crore award since the company moved the Delhi High Court in 2016 for its enforcement. Last moth, a sum of approximately Rs. 9 crores was released in Daiichi Sankyo’s favour.</p>.<p style="text-align: justify;">On January 31 this year, Justice <strong>Jayant Nath</strong> of the Delhi high court had <a href="https://barandbench.com/subramaniam-nigam-daiichi-ranbaxy/">upheld the enforceability</a> of a Rs 3500 crore arbitration award passed by a Singapore Tribunal.</p>.<p style="text-align: justify;">The tribunal had found the Singh brothers and others guilty of several counts of misconduct when Daiichi bought their 34.82% stake for $2.4 billion in 2008. The Singh brothers and twelve others were found to have made false claims in a self-assessment report, along with misrepresenting the genesis, nature, and severity of the US regulatory investigations into Ranbaxy.</p>.<p style="text-align: justify;">Daiichi Sankyo was represented by Senior Advocates <strong>Arvind Nigam</strong> and <strong>Arun Kathpalia. </strong></p>.<p style="text-align: justify;">The matter would be next heard on October 30.</p>.<p><em>Image Courtesy: Zee News</em></p>
<p style="text-align: justify;">Former Ranbaxy promoter Shivinder Singh today urged the Delhi High Court to allow him to mediate the Rs 3500 crore arbitration row with Japanese Drug-maker Daiichi Sankyo.</p>.<p style="text-align: justify;">Asking the Court to take into account “<em>the fundamental difference</em>” between “<em>his approach</em>” and his elder brother Malvinder Singh’s approach to the Daiichi-Ranbaxy fiasco, the younger brother said that he wanted to settle the ongoing litigation.</p>.<p style="text-align: justify;"><strong>Advocate AK Vali</strong>, appearing for Shivinder Singh, informed the Court that when he “renounced” the material world for “<em>seva</em>” three years ago, his net worth was Rs 35,000 crore. This value, Vali said, has now depreciated tremendously because of Daiichi Sankyo.</p>.<p style="text-align: justify;">Vali thus sought the Court’s intervention to allow him to sit across the table with Daiichi Sankyo to settle the dispute, while urging Daiichi Sankyo to “<em>work jointly</em>” in the “<em>larger interest</em>“.</p>.<p style="text-align: justify;">A Single Judge Bench of <strong>Justice Rajiv Shakdher</strong> however asked Shivinder Singh to come back with a “<em>viable offer</em>” before the dispute could be referred to mediation.</p>.<p style="padding-left: 30px; text-align: justify;">“<em>If you are a man of honour (as you say), pay him the money and let him go…Sentiments must be backed by substance</em>.”, Justice Shakdhar remarked.</p>.<p style="text-align: justify;">The Court today also ordered the release of Rs 17.65 crore in Daiichi Sankyo’s favour. <a href="https://barandbench.com/delhi-hc-asks-malvinder-singh-to-deposit-3-5-million-singapore-dollars/" rel="noopener" target="_blank">The amount was deposited with the Court’s registry by Malvinder Singh from sale of shares in Singapore stock-exchange listed RHT Health Trust</a>, in disobedience of the Court’s status quo order.</p>.<p style="text-align: justify;">Counsel appearing for Malvinder Singh, <strong>Senior Advocate Akhil Sibal</strong> argued that since the money was received from the sale of assets that are beyond the court’s jurisdiction, it cannot pass an order for release of that money.</p>.<p style="text-align: justify;">While allowing Daiichi application for release of the fund, the Court stated,</p>.<p style="padding-left: 30px; text-align: justify;">“<em>The money is available with Court.. Decree-holder is entitled to the amount in every jurisdiction…application allowed.</em>“</p>.<p style="text-align: justify;">The release marks the second payment towards the satisfaction of the Rs 3500 crore award since the company moved the Delhi High Court in 2016 for its enforcement. Last moth, a sum of approximately Rs. 9 crores was released in Daiichi Sankyo’s favour.</p>.<p style="text-align: justify;">On January 31 this year, Justice <strong>Jayant Nath</strong> of the Delhi high court had <a href="https://barandbench.com/subramaniam-nigam-daiichi-ranbaxy/">upheld the enforceability</a> of a Rs 3500 crore arbitration award passed by a Singapore Tribunal.</p>.<p style="text-align: justify;">The tribunal had found the Singh brothers and others guilty of several counts of misconduct when Daiichi bought their 34.82% stake for $2.4 billion in 2008. The Singh brothers and twelve others were found to have made false claims in a self-assessment report, along with misrepresenting the genesis, nature, and severity of the US regulatory investigations into Ranbaxy.</p>.<p style="text-align: justify;">Daiichi Sankyo was represented by Senior Advocates <strong>Arvind Nigam</strong> and <strong>Arun Kathpalia. </strong></p>.<p style="text-align: justify;">The matter would be next heard on October 30.</p>.<p><em>Image Courtesy: Zee News</em></p>