Daiichi Sankyo Plea: Delhi HC issues notice to Singh Brothers, next hearing on July 28
Daiichi's counsel senior advocate Arvind Nigam contended that as per an affidavit filed by the respondent the mark is essential. It was submitted that the company wants the trademark so that it can be sold and the amount be used for the payment of the dues. The court was also informed that the mark is currently with a subsidiary firm.;
New Delhi: Deliberating a plea by Daiichi Sankyo for attachment of Religare's trademark, the Delhi high court on Wednesday issued notice to former Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh. The court directed status quo should be maintained in respect to the Religare trademark and any other encumbrances related to it, reports Live Mint.
Daiichi's counsel senior advocate Arvind Nigam contended that as per an affidavit filed by the respondent the mark is essential. It was submitted that the company wants the trademark so that it can be sold and the amount be used for the payment of the dues. The court was also informed that the mark is currently with a subsidiary firm.
In the backdrop, Daiichi Sankyo, which had acquired majority control of erstwhile Ranbaxy from the Singh brothers in 2008 for around Rs 19,800 crore, began arbitration proceedings in Singapore in 2012 against the brothers alleging misrepresentation and concealment of material facts during the takeover.
A Singapore tribunal had in April 2016 passed the award in Daiichi's favor holding that the brothers had concealed information that their company was facing a probe by the US Food and Drug Administration and the Department of Justice while selling its shares.
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