Delhi HC directs Shivinder to pay up Daiichi dues

The Delhi High Court on Thursday directed former Ranbaxy Laboratories promoter Shivinder Singh to pay the money owed to Japanese pharma major Daiichi Sankyo Inc. under an arbitral award won by it in 2016. The court also asked Shinvinder Singh to form by 30 October a “viable” plan of payment of his share out of the arbitral award of Rs 3,500 crore. “You (Shivinder) are a man of honour, pay his (Daiichi) money and go,” Justice Rajiv Shakdher told Singh, adding that “you cannot dissipate assets while trying to mediate”.

The court’s observations came after Shivinder Singh’s lawyer urged that Daiichi Sankyo be asked to sit with his client and mediate so that the pharma company gets a “substantially better amount”.

The judge declined to issue any such direction and said that “this kind of stance will not help your client” and directed Shivinder Singh to “come with a viable plan” to pay Daiichi by 30 October.

“Bring something which is solid and substantial,” the court said. In August, the court had restrained former Ranbaxy promoters from operating their bank accounts in India or abroad and selling any property. The court also ordered release of the S$3.5 million, which Malvinder Singh had obtained by selling his 45 lakh equity shares in Religare Healthcare Trust in April and which he was ordered to deposit in court, to Daiichi Sankyo towards part payment of the award.