NEW DELHI: Facing a Singaporean arbitration award to pay Rs 2,562 crore to Daiichi Sankyo, erstwhile owner of Ranbaxy Malvinder Singh instructed the Supreme Court that he used to be assured of recovering Rs 6,277 crore loans and advances given to Radha Soami Satsang Beas’s religious head Gurinder Dhillon, aka Babaji, and his family members.
In his affidavit sooner than the SC, Malvinder, as director of Oscar Investment and RHC Holdings, mentioned loans and advances amounting to Rs 6,277.34 crore used to be recoverable from Dhillon and contributors of his family, but even so corporations owned by way of them — Prius crew, Religare crew, Narinder Ghoshal and the Godhwani family (Sunil Godhwani and Sanjay Godhwani).
“Demand notices had been despatched by way of Oscar Investment and RHC Holdings as well as different corporations, which in turn might be launched to the petitioners (Daiichi) by way of the Delhi high court docket in response to the garnishee orders handed by way of the HC,” Malvinder mentioned. In a ‘garnishee’ order, the court docket directs a 3rd party (persons who owed money to Malvinder’s corporations) to pay Daiichi instead of paying the debt to Malvinder’s corporations.
Malvinder mentioned he had made a number of efforts to monetise the assets of his corporations — Fortis Healthcare and Fortis Healthcare Holdings — however these were thwarted by way of Daiichi by way of filing “frivolous” packages.
“Impact of the repeated packages filed by way of Daiichi and the negative media campaign conducted by way of Daiichi towards respondents has resulted in blockading of the sale of FHL, which has progressively lowered the price from Rs 10,000 crore to Rs 8,800 crore,” Malvinder mentioned.
His more youthful brother Shivinder mentioned Malvinder used to be on the helm of affairs of Ranbaxy since 2006. “The deal to promote Ranbaxy to Daiichi used to be finalised by way of Malvinder and Sunil Godhwani,” Shivinder mentioned, including that he used to be not concerned within the discussions and negotiations with regards to sale of Ranbaxy to Daiichi.
“Further, deponent had no involvement within the ICC arbitration proceedings leading to the award of Rs 2,562 crore on April 29, 2016,” he mentioned.
In his affidavit sooner than the SC, Malvinder, as director of Oscar Investment and RHC Holdings, mentioned loans and advances amounting to Rs 6,277.34 crore used to be recoverable from Dhillon and contributors of his family, but even so corporations owned by way of them — Prius crew, Religare crew, Narinder Ghoshal and the Godhwani family (Sunil Godhwani and Sanjay Godhwani).
“Demand notices had been despatched by way of Oscar Investment and RHC Holdings as well as different corporations, which in turn might be launched to the petitioners (Daiichi) by way of the Delhi high court docket in response to the garnishee orders handed by way of the HC,” Malvinder mentioned. In a ‘garnishee’ order, the court docket directs a 3rd party (persons who owed money to Malvinder’s corporations) to pay Daiichi instead of paying the debt to Malvinder’s corporations.
Malvinder mentioned he had made a number of efforts to monetise the assets of his corporations — Fortis Healthcare and Fortis Healthcare Holdings — however these were thwarted by way of Daiichi by way of filing “frivolous” packages.
“Impact of the repeated packages filed by way of Daiichi and the negative media campaign conducted by way of Daiichi towards respondents has resulted in blockading of the sale of FHL, which has progressively lowered the price from Rs 10,000 crore to Rs 8,800 crore,” Malvinder mentioned.
His more youthful brother Shivinder mentioned Malvinder used to be on the helm of affairs of Ranbaxy since 2006. “The deal to promote Ranbaxy to Daiichi used to be finalised by way of Malvinder and Sunil Godhwani,” Shivinder mentioned, including that he used to be not concerned within the discussions and negotiations with regards to sale of Ranbaxy to Daiichi.
“Further, deponent had no involvement within the ICC arbitration proceedings leading to the award of Rs 2,562 crore on April 29, 2016,” he mentioned.
Will recover dues from Radha Soami head: Malvinder
![Will recover dues from Radha Soami head: Malvinder]()
Reviewed by Kailash
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March 20, 2019
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