Daiichi was preparing for arbitration a month ago

A month before Daiichi Sankyo spoke about legal action against Ranbaxy Laboratories’ former owners,the Japanese drug firm began preparing for it.

Written by Utkarsh Anand | New Delhi | Published:May 28, 2013 3:45 am

A month before Daiichi Sankyo spoke about legal action against Ranbaxy Laboratories’ former owners,the Japanese drug firm began preparing for it.

On April 29,Daiichi,which bought Ranbaxy in June 2008 from promoters Malvinder Singh and family,filed five caveats in the Delhi High Court seeking to prevent any ex parte stay order against it. Sources say Daiichi is contemplating arbitration proceedings and wanted to ensure there was no ex parte stay against this.

Of the five caveats,three pertain to civil suits,filed against Ranbaxy Holding,Hanuman Road,Connaught Place,New Delhi; Ranbaxy Healthcare,Mohali,Punjab; and Ranbaxy Employee Welfare Trust,Nehru Place,Delhi.

Two relate to arbitration and have been filed in matters relating to Ranbaxy Holding,Hanuman Road,Connaught Place,Delhi,and Ranbaxy Healthcare,Mohali,Punjab.

A questionnaire to Daiichi on whether it was contemplating arbitration in Singapore,whether it had filed caveats in the Delhi High Court or whether there was a clause in the shareholder agreement indemnifying it against any possible action by the US Food and Drug Administration,remained unanswered. The drug major said on May 22 it may initiate legal steps against the Singhs.

The Registrar of Companies website says Ranbaxy Holding has been merged with Solaris Finance,a company with the same registered address as Ranbaxy Holding.

Shareholders of Ranbaxy Holding were Malav Holdings Pvt Ltd owned by Malvinder Mohan Singh and Shivi Holdings Pvt Ltd owned by Shivinder Mohan Singh.

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