Troubles rolled upon Ranbaxy CEO, Malvinder Mohan Singh, when the Debts Recovery Tribunal restrained him or his agents from selling or alienating a posh property in South Delhi besides various priced artworks for defaulting in repayment of loan granted by Yes bank. The hearing was presided over by GVK Raju who passed the order on an application moved by Yes Bank. The application was for seeking recovery of Rs. 570 crores which was granted to Oscar Investments Pvt. Ltd, his holding firm.
Yes Bank was represented by Senior Advocate Rajeeve Mehra, briefed by Karanjawala and Co, partner Seema Sundd, Senior Associates Davesh Bhatia and Shweta Priyadarshini and Associate Ritu Raj.
The Bank moved the application against the Singh’s before tribunal, when they observed that, Malvinder Mohan Singh loan were rising and he and his brother Shivinder Singh are looking to sell off their assets. The bank has also informed the court that the CEO is trying to alienate the movable and immovable property and if they are allowed to do the Bank will face irreparable losses. Addition to the restraining from selling, the court has also restrained them creating encumbrance in respect of shares owned them in Religare Group of Companies, Oscar Investments, Healthfore Technologies, Fortis Healthcare Ltd and Malav Holdings ltd. The same order is been passed with respect to the artworks owned by them.
The tribunal has ordered the CEO to disclose his all movable and immovable property within 10 days. They are been directed to file an affidavit for same. The respective order can create a large amount of trouble for the CEO and his brother because they have recently suffered a setback when Delhi High Court upheld the international arbitral award of Rs.3500 crore against him and his brother.
The Singh brothers according to the sources had made an exit from Ranbaxy just before the US food and drug administration banned imports at two of its Indian plants.
Courtesy/By: Trisha Mukherjee
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26 Feb 2018
