Delhi HC bars Singh brothers from operating accounts in India, Singapore
11 August 2018
The controversial Singh brothers – Malvinder and Shivinder – who had promoted Fortis Healthcare – have been prohibited from operating their bank accounts in India and Singapore by the Delhi High Court.
Japanese company Daiichi Sankyo had moved the court seeking execution of the Rs3,500-crore arbitration award passed in its favour and against the Singh brothers in the Ranbaxy deal. The company had also asked the court to attach assets of the Singhs.
The court had in a previous hearing directed the brothers to appear before it. Friday was the first time that they were present in court. Besides freezing their bank accounts, the court also asked the two to disclose all transactions including gifts received since 2016.
It also asked Malvinder and Shivinder to disclose the bank account details of RHC Holdings and Oscar Investments, two companies owned by them.
When the counsel for the Singhs said that they did not have any money, the court asked them to file for insolvency. The brothers were also told not to finalise a deal to sell their apartment in Singapore, which had been mortgaged to DBS Bank, without its prior approval.
However, it refused to stay the extraordinary general meeting of Fortis Healthcare Ltd (FHL) on 13 Augus. The meeting has been called to get the shareholders okay for a deal with IHH Healthcare, which plans to acquire 26-per cent stake in FHL through an open offer next month.