Former Fortis promoter Shivinder Singh has offered to mediate with Daiichi Sankyo to pay his part of the dues in the Japanese drug maker’s Rs 3,500 crore arbitration award against him and brother Malvinder Singh. The Delhi High Court has asked him to come up with a viable plan by the next date of hearing on October 30. The court has furthered ordered the release of Rs 17 crore from the sale of the Singhs’ shares in Singapore-listed Religare Health Trust towards part payment of Daiichi’s award. This is on the condition that Daiichi would return the amount with suitable interest if a court in Singapore hearing the brothers’ appeal against the award rules in their favour.
The court has also asked the Singhs to submit a report within a week detailing how the valuation of the assets they had earlier disclosed to court to satisfy the award has depleted. Because of them (Daiichi), my (Shivinder’s) worth has depleted, said AK Vali, who was appearing on behalf of Shivinder Singh. Let us work jointly and let it be a win-win situation for all, he said, adding that Shivinder Singh’s approach to resolving the ongoing conflict has a fundamental difference from Malvinder Singh’s approach. Sentiments must be backed by substance, stated Justice Rajiv Shakdher, who was hearing the matter on Thursday. Come back with a viable plan, he added. The court will hear this case next on October 30.