Delhi High Court on Tuesday ordered the auction of Fortis trademark. The case pertains to an arbitration award of Rs 3,500 crore passed in favor of Japanese pharmaceutical company Daiichi Sankyo and against the former promoters of Ranbaxy. Justice Sachin Dutta passed the order on an application filed by Daiichi Sankyo. In this, there was a demand for sale of Fortis trademark. It is owned by RHC Healthcare Management Services Pvt Ltd which is one of the judgment debtors in the case. According to PTI news, this application was filed along with the petition filed by Daiichi Sankyo.
An appeal was made to implement the decision
According to the news, this petition appealed to implement the Singapore Arbitration Tribunal’s decision of Rs 3,500 crore passed in April 2016 against the former promoter brothers of Fortis Healthcare – Malvinder Mohan Singh and Shivinder Mohan Singh and in favor of Daiichi Sankyo. Was. The High Court in its order said that the Joint Registrar (Judicial) concerned in this Court shall proceed with the public auction of the aforesaid assets of the judgment debtors i.e. Fortis Trademark and issue a proclamation.
An amount of Rs 191.5 crore can be recovered
Daiichi’s lawyer said that despite the arbitration tribunal ruling in favor, only a small amount has been recovered so far. During the hearing, it was said that if Fortis trademark is auctioned, an amount of at least Rs 191.5 crore can be recovered. Fortis Hospitals Limited had earlier objected to this but later its lawyer withdrew the objection. The court asked the Joint Registrar (Judicial) to submit a report on the conclusion of the auction process.
A Singapore tribunal had given an arbitration award of Rs 3,500 crore in favor of Daiichi in 2016. He had also ordered the Singh brothers to pay damages for hiding information about the ongoing investigation against them in the US at the time of the sale of their company.
