SC irate at Singh bros, says: Pay entire money in court or get shares in 10 days

Pulling up Malvinder Singh and Shivinder Singh for not abiding by court orders, the Supreme Court has asked them to seek restoration of their shares within 10 days. Reiterating the finding of guilt in the Singh brothers' favour and putting the onus on them to get the invested money or their shares back "in the kitty", the top court made it clear that it is not going to run after the entities where money was "fraudulently" diverted. 


The apex court will now hear arguments on a day to day basis by 17 financial institutions on February 16, who will have to explain how they liquidated shares despite restraining orders by the court. The financial institutions include Yes Bank, ICICI Bank, ECL Finance, RBL Bank, Axis Bank, First Abu Dhabi Bank, Indiabulls, Credit Suisse Finance, DCB Bank, Kotak Mahindra Bank, and others.


Daiichi Sankyo has requested the court to order a forensic audit and appoint an ex-judge to probe stake sale in Fortis Healthcare. Daiichi yet again pointed to the mounting recovery amount and requested the court to either ensure the sale of IHH's assets or 31% of its stake in Fortis Healthcare to recover the due amount. While Daiichi urged the top court to issue a notice to Religare for allegedly siphoning off Rs. 4000 crores, the court said it will consider that later. 


Singh brothers have been asked to specify how much divestment happened after August 2017, and list out the dates on which they had given assurances to maintain the status quo. Malvinder Singh had earlier urged that IHH should be made to deposit Rs. 1800 crores in court. While Shivinder Singh has claimed that his consent wasn't taken as Malvinder was in charge of arbitration, Malvinder's affidavit had stated that they didn't have any participation in decisions on stake sale taken by the new Fortis Healthcare board.


Malvinder has claimed that he and his brother had stepped down from the board on 8th February 2018, sold the controlling stake transferred funds to Religare Trust in November and December 2018, accusing Daiichi of thwarting fundraising efforts.

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