New Delhi : The Delhi High Court on Tuesday allowed the sale of unencumbered shares held by the former promoter of Fortis Healthcare Shivinder Singh in all listed companies.
The court said proceeds of the sale will be kept in a fixed deposit with the registrar of the high court.
The court, however, did not issue an order on the shares held by his brother Malvinder Singh, after it was brought to the court’s notice that there is a Debt Recovery Tribunal injunction against the sale of shares held by Malvinder.
The high court on Tuesday sought reply from YES Bank which had obtained the injunction from the Debt Recovery Tribunal. Justice Jayant Nath said he will hear the case next on Monday. The court was hearing an execution petition filed by Daiichi Sankyo for recovery of Rs 3,500 crore from the Singh brothers and others, pursuant to the arbitral award. In the last hearing the court had asked a court-appointed chartered accountant to detail all exchange-listed shares held by both Malvinder Mohan Singh and Shivinder Mohan Singh and submit the same before it. The Singh brothers claim to hold a stake as low as 0.66 per cent in Fortis Healthcare.
On January 31, the Delhi High Court had upheld the enforceability of the award passed by a Singapore Tribunal, which had found the Singh brothers and others guilty of making false claims in a self-assessment report.
The Singapore tribunal had also said Singh brothers and others were guilty of misrepresenting and concealing the “genesis, nature and severity of the US regulatory investigations” of Ranbaxy when Daiichi Sankyo bought their 34.82 per cent stake for $2.4 billion in 2008. The total deal was valued at $4.6 billion.
