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Daiichi case: Delhi HC orders RSSB chief Dhillon & family, Singh brothers, Ghodhwanis to be present in court on November 14

BusinessToday.In     October 16, 2019

Delhi High Court has asked RSSB chief Gurinder Singh Dhillon and his family members, former Religare promoters Shivinder Singh and Malvinder Singh, former Religare chief Sunil Godhwani and his brother Sanjay Godhwani to be present at the court hearing in the Daiichi Sankyo case on November 14. The court has asked all accused to remain present in the court, along with all the documents relating to the dealings. "The garnishees shall also remain present in the Court on the next date of hearing along with all the documents relating to the dealings/transactions with the judgment debtors as well as their related companies on the next date of hearing," says the court order dated October 11.

Daiichi had earlier enforced an arbitration order in Singapore that ordered the brothers to pay Daiichi $500 million towards alleged non-disclosure of crucial information during the sale of Ranbaxy Laboratories to Daiichi in 2008.

Also read: Recover money from RSSB chief Dhillon & family to pay Singh brothers' dues to Daiichi: Delhi HC

Expanding the scope of people from whom the money could be recovered, the court in June had named 56 entities, including Dhillon, his wife Shabnam Dhillon and other family members, and Godhwanis.

BusinessToday.In had reported on March 12 that Singh brothers can only pay the $500 million order against them to compensate Daiichi, provided the money owed to them by RSSB chief Gurinder Singh Dhillon and his family is recovered. In his submission, Malvinder has maintained that he can pay Daiichi provided he recovered the money owed to him.

Also read: SC take note! Singh brothers can pay off $500 million to Daiichi, provided the money is recovered

Besides the Dhillon family, the Delhi HC had also issued 'garnishee orders' -- an order that's issued against a third party to recover money to settle a debt or dues -- against several Dhillon and RSSB associates' companies, including Prius Real Estate, Addon Realty, Payne Realtors SGGD Projects, Luminous Holding.

BusinessToday.In had earlier reported the flow of money from Singh brothers to entities owned and controlled by Gurinder Singh Dhillon, his family and RSSB associates. RoC filings and terms sheets say between 2011 and 2014, Rs 1,107.5 crore from the Rs 9,576 crore sale proceeds of Ranbaxy to Daiichi Sankyo was paid through various RHC group firms. Thereafter, this money was transferred to Prius Real Estate Private Limited controlled by Dhillon family associates and RSSB functionaries through optionally convertible debentures (OCD).

Edited by Manoj Sharma

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Also read: RSSB chief Dhillon beneficiary behind corporate veil in Religare fund diversion: Filmmaker Sheetal Talwar tells Sebi

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