Daiichi protests Singhs' Religare Health Insurance stake sale in court

span.p-content div[id^=div-gpt] { line-height: 0px; font-size: 0px;} Daiichi Sankyo approached the Delhi High Court on Monday to protest against the 80 percent stake sale of Religare Health Insurance by former Ranbaxy promoter's Malvinder and Shivinder Singh. The objection to the April 9 sale of Religare's insurance business with private equity fund True North Managers marks Daiichi's latest attempt at securing the assets of the Singh brothers for the realisation of a Rs 2,562 crore Singapore arbitration award in favour of the Japanese pharmaceutical major.

Senor advocate C A Sundaram began Monday's proceedings by claiming that the former Ranbaxy promoters had, by conducting the Rs 1,300 stake sale, brazenly violated the court's earlier orders which had directed them to apply to court before transferring any of their unencumbered assets on March 6. Highlighting the history of the case, Sundaram mentioned that Daiichi had from the very beginning, questioned of the activities of the Singh brothers and their ability to pay for the arbitral award. "Time and again, they have reiterated that there was no intention to sell unencumbered assets. Daiichi has been cheated through the violation of this assurance," said Sundaram in court.

In support of Daiichi's stance, Sundaram also mentioned how the issue of asset security had been examined by the court on several occasions in the past, after the Japanese company had highlighted significant discrepancies between asset declarations made by the former Ranbaxy promoters on affidavit, as compared to other sealed envelopes and auditor statements filed before the court. According to Sundaram, this fact had been carefully considered by the court - which had directed the Singh brothers to file appropriate responses to these allegations on the last date of hearing.document.write(""); googletag.cmd.push(function() { googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop', 'div-gpt-ad-1490771277198-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().enableSyncRendering(); googletag.enableServices(); });

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