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Home Top News of the Day news Victory for Daiichi as Delhi HC decrees enforcement of $ 500m arbitral award vs Singh brothers of Ranbaxy

Victory for Daiichi as Delhi HC decrees enforcement of $ 500m arbitral award vs Singh brothers of Ranbaxy

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Victory for Daiichi as Delhi HC decrees enforcement of $ 500m arbitral award vs Singh brothers of Ranbaxy
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The Delhi High Court on Wednesday (January 31) allowed Daiichi Sankyo’s plea against former Ranbaxy owners Malvinder and Shivinder Singh and enforced a Rs 3562 crore ($ 500 million) arbitral award. This was a major victory for the Japan-based global pharma major.

There is another hurdle pending for the Japanese company, because the arbitral award is also under challenge by the Singh brothers at the Singapore Court of Appeals.

A plea was filed by Daiichi against former the Ranbaxy promoters, seeking enforcement of a Rs 3,562 crore arbitration claim. Daiichi had approached the high court last year to seek the enforcement of a Rs 2,562 crore Singapore arbitral award delivered in April 2016.

The foreign company had additionally claimed Rs 1,000 crores in interest and lawyers’ fees incurred in connection with the proceedings.

The award comes in the backdrop of actions initiated by the Japanese company against the former Ranbaxy promoters with regard to their purchase of a majority stake in the Indian pharmaceutical enterprise for $4.6 billion in 2008.

India Legal Bureau

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