Daiichi case: Delhi HC to hear main arguments in March

NEW DELHI: The Delhi High Court will hear the main arguments in Daiichi Sankyo's case against former Ranbaxy promoters Malvinder and Shivinder Singh in March 2017. This includes the Singh brothers’ arguments challenging the Japanese drug maker’s enforcement of an award granted by a Singapore tribunal earlier this year.

The Singh brothers were accused of concealing information related to falsified data at Ranbaxy when they sold a majority stake in it to Daiichi Sankyo in 2008. In April, a Singapore tribunal had awarded Daiichi Sankyo Rs 2,562 crore in consequential damages by a 2-1majority order. Along with interest and legal fees, the total liability is pegged at Rs 3,500 crore. Apart from Malvinder Singh, who already disclosed his assets in a sealed cover in August, other respondents in this case are expected to file affidavits disclosing their assets at the Delhi court this week. Details of these assets were not disclosed within the stipulated deadline as applications seeking their confidentiality had not been accepted until Monday, stated the respondents’ lawyers Harish Salve and Rajiv Nayar.

At the same time, the respondents have objected to the use of the documents shared in confidentiality at the Delhi court in legal proceedings in other countries. "I don’t want (Daiichi Sankyo) to take this (documents) and go to a court that has no territorial jurisdiction on my client and start producing papers," Salve told Justice S Muralidhar, who was hearing the arguments. "Almost all of the assets are in India," he added.