Singh brothers directed to give Rs 1175 crore payment in Daiichi Sankyo case, given timeline

In 2016, the Singapore arbitration tribunal had directed Singh brothers to pay Rs 2,562 crore in damages giving the verdict in favour of Daiichi which has now valued at Rs 3,500 crore after including interest and legal fees.

Also Read: Rs 3,500 Crore Jolt To Singh Brothers As Delhi High Court Upholds The Arbitral Award

Daiichi had approached the Delhi high court to collect the dues in May 2016, but the Singh brothers had argued in the Delhi High Court that the arbitral award was not enforceable under the Indian law and separately challenged the award in the Court of Appeal of Singapore.

On 31 January 2018, the court had upheld the enforceability of the award, now amounting to Rs 3,500 crore, passed by the Singapore tribunal.

Daiichi Sankyo had also moved the Supreme Court to stop the Singh brothers from selling their stake in any entity they own until they cleared the Rs 3,500 crore in the arbitration award.

The Supreme Court in November held Fortis, and Singh brothers, guilty of contempt of court for sale of shares to Malaysia's IHH Healthcare Berhad. It had also asked the brothers to deposit Rs 1,175 crore each to avoid contempt.

Also Read: Held Guilty Of Contempt In Stake Sale To IHH, Fortis Healthcare Exploring Legal Options

The court will now hear the case on 16 March, reports Live Mint.