Fortis and Religare 'vehemently' oppose sale of trademarks in Delhi High Court

The court has been hearing a petition filed by Japanese drug firm Daiichi Sankyo seeking to attach and sell trademarks of Fortis and Religare and recover the amount due to it as per the Singapore tribunal arbitral award passed in April 2016.

New Delhi: Fortis Healthcare and Religare Enterprises have in the Delhi High Court “vehemently” opposed proposed sale of their trademarks to help execute a ₹3,500-crore arbitral award against the firms’ former promoters for alleged suppression of fact when Daiichi Sankyo bought Ranbaxy.

Malvinder Mohan Singh and Shivinder Mohan Singh, the former promoters, though, submitted before the court that they have no objection to the sale of the trademarks to satisfy the decree. The court has been hearing a petition filed by Japanese drug firm Daiichi Sankyo seeking to attach and sell trademarks of Fortis and Religare and recover the amount due to it as per the Singapore tribunal arbitral award passed in April 2016.

The High Court on September 11 asked the two firms to submit an additional affidavit to place their stance. The next date of hearing is October 8. Fortis CEO Ashutosh Raghuvanshi had told ET of the firm’s intent to change its brand identity to Parkway. Fortis brand is owned by the former promoters and the brand licence expires in April 2021.

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