38.6c New Delhi, India, Friday, March 29, 2024
Judiciary

Daiichi Sankyo Case: Supreme Court Asks Banks & Financial Institutions To Disclose Documents Related To Fortis Healthcare- IHH Healthcare Deal. [READ JUDGMENT]

By Snehal Khemka      22 February, 2021 05:21 PM      0 Comments
Daiichi Sankyo Case: Supreme Court Asks Banks & Financial Institutions To Disclose Documents Related To Fortis Healthcare- IHH Healthcare Deal. [READ JUDGMENT]

A three-Judge Bench comprising of Justices UU Lalit, Indira Banerjee and KM Joseph on Thursday, (February 18, 2021) directed the banks and financial institutions to place on record various documents related to loans advanced or financial accommodations extended in respect of alienation of Fortis Healthcare's shares through its deal with IHH healthcare, along with the nature of both encumbered and unencumbered securities offered with such loan arrangements.

The aforementioned matter by the arbitral tribunal ordered the “Singh Brothers”, Malvinder Singh and Shivinder Singh to pay a sum of rs. 3500 crore to Daiichi. It was held that the Singh Brothers had concealed the investigations by the United States Food and Drug Administration (“FDA”) and Department of Justice (“DOJ”) against Ranbaxy in the United States of America at the time of the deal, the news of which came to Daiichi only in the year 2009. Since contractual damages on a tortious basis aim to restore the parties to their pre-contractual position, the tribunal held that the claimant is entitled to recover damages on account of fraudulent misrepresentation and concealment of material facts while selling their shareholding in Ranbaxy to Daiichi in 2008.

The court, while initiating suo moto contempt proceedings against Fortis Healthcare also contended that concerned individuals and corporate entities could not sell the shares held by FHHPL directly and, therefore, a device was mechanised along with a structure wherein the shares were proceeded against by the lenders.

It was concluded that the intervention of the banks in the matters pending before the Court, were not removed from the fact that they were aware of the consequences granted in favour of M/s. Daiichi Sankyo Company Limited; furthering that the role of banks and financial institutions would, therefore, require closer scrutiny in the upcoming months.

 

[READ JUDGMENT]



Share this article:



Leave a feedback about this
TRENDING NEWS

arvind-kejriwals-plea-for-interim-release-rejected-by-delhi-high-court
Trending Judiciary
Arvind Kejriwal's plea for interim release rejected by Delhi High Court [Read Order]

Delhi High Court rejects Arvind Kejriwal's plea for interim release in money laundering case related to liquor policy scam, pending ED's response.

28 March, 2024 10:50 AM
youtuber-strings-plea-against-youtube-accounts-suspension-andhra-pradesh-hc-issues-notice-to-centre-google
Trending Top Stories
BREAKING: Youtuber String’s plea against Youtube accounts suspension: Andhra Pradesh HC issues notice to Centre, Google

Andhra Pradesh High Court issues notice to the Centre and Google LLC on Youtube journalist String’s plea against suspension of its accounts by Google (which owns Youtube).

28 March, 2024 11:26 AM

TOP STORIES

delhi-liquor-scam-court-remands-arvind-kejriwal-to-ed-custody-till-march-28-read-remand-application
Trending Judiciary
Delhi liquor scam: Court remands Arvind Kejriwal to ED custody till March 28 [Read Order]

Delhi liquor scam: Arvind Kejriwal remanded to ED custody till March 28. Court grants agency permission for interrogation in liquor policy case.

23 March, 2024 11:53 AM
sc-dismisses-centres-plea-for-review-of-judgment-directing-ed-to-furnish-written-grounds-of-arrest-to-pmla-accused
Trending Judiciary
SC dismisses Centre’s plea for review of judgment directing ED to furnish written grounds of arrest to PMLA accused [Read Order]

Supreme Court dismisses Centre's plea, upholds judgment mandating Enforcement Directorate to provide written grounds of arrest in PMLA cases.

23 March, 2024 03:14 PM
kerala-hc-to-hear-lesbian-couples-plea-against-forced-conversion-therapy-on-april-9
Trending Judiciary
Kerala HC to hear lesbian couple’s plea against forced conversion therapy on April 9

Kerala HC will hear a lesbian couple’s plea highlighting that one of them was subjected to forced conversion therapy.

23 March, 2024 03:30 PM
how-can-people-be-compelled-to-vote-madras-hc-asks
Trending Judiciary
“How can people be compelled to vote? Madras HC asks

“How can people be compelled to vote?”, the Madras HC queried in a plea asking employers in Tamil Nadu to demand proof from employees of having voted on polling day.

23 March, 2024 05:04 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email