The Delhi High Court on Tuesday allowed the sale of unencumbered shares of the firms of former promoters of Ranbaxy Laboratories in listed companies to repay the Rs 3,500-crore arbitration award in favour of Japanese pharma major Daiichi Sankyo.
However, this would not apply to shares held by Malvinder Singh as there is a stay granted by the Delhi Debt Recovery Tribunal on the sale of his unencumbered assets in a separate case by Yes Bank. It is seeking to recover its Rs 565-crore loan given to Oscar Investment for which Malvinder was a guarantor. The court also issued a notice to Yes Bank.
Justice Jayant Nath also directed the debtors to fully cooperate with the chartered accountant, who was appointed a local commissioner in the matter, to sell these shares at the stock exchange.
The court said the proceeds should be deposited with the registrar general of the High Court and listed the matter for further hearing on May 14.
Meanwhile, brothers Malvinder Singh and Shivinder Singh on Tuesday moved a fresh plea in the HC seeking a stay on its proceedings till the Singapore Court of Appeal, pronounced its judgment in an appeal by them against the arbitration award that went in favour of Daiichi. The appellate court has reserved its judgment. FE
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