SC reserves order on plea against Singh brothers

SC reserves order on plea against Singh brothers
Highlights

The Supreme Court on Thursday reserved its order on a contempt plea filed by Japanese pharma company Daiichi Sankyo against the Ranbaxy's Singh brothers over non-payment of Rs 3,500 crore in an international arbitration award.

New Delhi: The Supreme Court on Thursday reserved its order on a contempt plea filed by Japanese pharma company Daiichi Sankyo against the Ranbaxy's Singh brothers over non-payment of Rs 3,500 crore in an international arbitration award.

The bench headed by Chief Justice Ranjan Gogoi said it will decide on the issue of 'contempt of court' only.Senior advocate Fali Nariman appearing for Daiichi told the SC that former Ranbaxy promoter Malvinder Singh had given an undertaking in the Delhi High Court that the value of their "unencumbered assets" was Rs 452 crore. Nariman said the Delhi HC-appointed valuer had prepared two reports.

Counsel for Malvinder Singh told the court that the enforcement proceedings against them are still pending before the HC, and that all the bank accounts have already been frozen by the court. His counsel said it is a civil contempt case, and Malvinder hasn't violated any court order.

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