New Delhi, March 14 (IANS) The Supreme Court on Thursday told Fortis’s Shivinder Singh that since he has come back from ‘sanyas’, he should focus on paying along with his brother Malvinder Singh Rs 3,500 crore awarded to Japanese drug maker Daiichi Sankyo by a Singapore-based arbitration tribunal.
“Now you have come (back) to world, then pay”, said Chief Justice Ranjan Gogoi who along with Justice Deepak Gupta and Justice Sanjiv Khanna told both the brothers to inform the court how they are going to secure the arbitration tribunal award.
Initially senior counsel Fali Nariman appearing for Daiichi told the court that Malvinder Singh has said that he was anxious to pay his dues and Shivinder Singh has said, “I have become a ‘sadhu’ and taken ‘sanyas’ and I don’t want to do anything now.”
However, when senior counsel P.S. Patwalia told the court that he has come back to world, CJI Gogoi said, “Now you have come to the world, then pay.”
Patwalia appeared for Shivinder Singh
Both Malvinder Singh and Shivinder Singh were asked to give plan for securing the Singapore-based arbitration tribunal’s award asking them to pay it Rs 3,500 crore in a dispute relating to Japanese drug maker Daiichi Sankyo’s acquisition of their family pharma company Ranbaxy.
Telling the two brothers, who are otherwise at loggerheads, to unite on the issue and give a plan for securing the award, the bench reminded them of their legacy of being the flag-bearer of the health sector and asked them to honour the award.
Both Malvinder Singh and Shivinder Singh were present in the court in pursuance to March 14 order of the court directing their presence. The court asked them to remain present in the court on March 28, the next date of hearing.
Reminding Malvinder Singh and Shivinder Singh of their obligation to secure the award, the court told them: “Once the award is passed, you have to honour it (award). It (not doing so) does no good to the country. You were once the flag-bearer of the country in health sector. Pay your debts and come out of it.”
Daiichi Sankyo has moved the top court contending that the two brothers have sold their stakes in Fortis Health Care to Malaysia’s IHH Health and were also liquidating their other assets to escape the liability to pay Rs 3,500 crore arbitration award to Daiichi.
“How do you intend to pay in the event of an order upholding the arbitration award?” the court asked Malvinder Singh, telling him that his brother has “renounced” the world and had “nothing to do with it”.
Finding Malvinder Singh not forthcoming with the response, CJI Gogoi told him: “If you are not prepared to answer, don’t answer, because all that you say will be recorded.”
The court told Singh brothers that they can take time to “reflect, look into their accounts and seek legal advice. Then court then adjourned the hearing till March 28.
Directing the next hearing on March 28, CJI Gogoi said, “This is first time you are coming to court. Let the next appearance be the last one.”
As Court asked which date they would like to come prepared with the plan to secure the award, senior counsel Harish Salve, appearing for Malvinder Singh, said since Nariman is senior-most, let him suggest the next date.
“Thankfully, I am only the senior-most and not the debtor,” Nariman said amid laughter.