Deal Street

June 04, 2020

Gopal Subramanium and P&A Law Offices win for Daiichi Sankyo in Singapore Supreme Court against Ranbaxy promoters

[ by Legal Era News Network ]


On 28 May 2020, the Singapore Court of Appeal dismissed the appeals filed by ex-Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh against the judgment of the High Court of Singapore, which had refused to set aside the arbitral award in favour of Daiichi Sankyo Company, Limited (“Daiichi Sankyo”).

Earlier, on 21 December 2018, the High Court of Singapore had upheld the award of the Singapore seated ICC arbitral tribunal in favour of Daiichi Sankyo. The arbitral tribunal comprising Ms Karyl Nairn, Mr Justice A.M. Ahmadi (Retd) and Prof Lawrence GS Boo, had on 29 April 2016, awarded Daiichi Sankyo approximately US$ 500 million as damages along with interest. Daiichi Sankyo was awarded damages for fraudulent misrepresentation and active concealment of material facts and information relating to Ranbaxy Laboratories Limited, which was, at the time, controlled by Malvinder Mohan Singh and his affiliates in connection with the sale of control of Ranbaxy Laboratories Limited.

On 31 January 2018, the High Court of Delhi had dismissed the objections to the award (except against the minor children) and the Supreme Court of India had upheld this order on 16 February 2018 by dismissing the special leave petitions to appeal filed by the Singh brothers. On 15 November 2019, on a plea of Daiichi Sankyo, the Supreme Court held the Singh brothers guilty of contempt of its orders not to further divest their shareholding in Fortis Healthcare Limited, which at that time was controlled by them. The Supreme Court has also initiated suo moto contempt proceedings against the Singh brothers and Fortis Healthcare Limited for violating its order dated 14 December 2018 directing them to maintain status quo with respect to the sale of the controlling stake in FHL to the Malaysian entity IHH Healthcare Bhd.

Daiichi Sankyo was represented by senior counsel Gopal Subramanium briefed by P&A Law Offices (Anand S. Pathak / Amit K. Mishra / Mohit Singh / Samridhi Hota / Kanika Singhal / Shivam Pandey / Turab Ali Kazmi), Pavan Bhushan, Hima Lawrence and Jayavardhan Singh along with Singapore-based law firm, Oon & Bazul LLP.  This was the first time in the Singapore Supreme Court’s history that it has admitted Indian lawyers to argue before the Singapore Supreme Court. Mr. Gopal Subramanium is the first Indian Senior Counsel to appear before the Singapore Supreme Court. Malvinder Mohan Singh was represented by Yeo Khirn Hai Alvin SC, briefed by Wong Partnership LLP and DMD Advocates; and Shivinder Mohan Singh was represented by Narayanan Sreenivasan SC, briefed by K&L Gates Straits Law LLC.

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