Daiichi Sankyo may have last laugh

0
1035

A team from New Delhi-based P&A Law Offices represented Daiichi Sankyo when both Delhi High Court and the Supreme Court recently gave the go-ahead for the enforcement of a ₹35 billion arbitral award against the founders of Ranbaxy, brothers Malvinder Singh and Shivinder Singh.

“This case involves the highest damages ever awarded against Indian nationals,” managing partner Anand Pathak told India Business Law Journal. “It is not merely a case of litigation and enforcement of an arbitral award … it has become a case study in Japan and other jurisdictions of the challenges of doing transactions in India. The case was decided in Daiichi’s favour very quickly and effectively by the Indian courts showing the strength of the Indian judicial system”.

On 31 January Delhi High Court passed an order allowing the enforcement of a 29 April 2016 arbitration award against the Singh brothers. On 16 February the Supreme Court dismissed an appeal against the high court order. The Singh brothers were represented by DMD Advocates senior partner Anuradha Dutt.

Pathak said that all that remains is a setting aside petition that is pending before the Singapore high court, which should be heard in April, and will see two Indian senior counsel, Harish Salve, appearing for the Singh brothers, and Gopal Subramanium, appearing for Daiichi Sankyo, arguing before the Singapore courts.

A team from Simpson Thacher, New York, comprising Hank Gutman and Rob Smit represented Daiichi Sankyo in the Singapore arbitration along with a team from P&A Law Offices from Delhi.

The arbitration award had found that the Singh brothers and others made false claims in an e-self-assessment report and fraudulently misrepresented and concealed the origin, nature and severity of the US regulatory investigations of Ranbaxy when Daiichi Sankyo bought a 34.82% stake for US$2.4 billion in 2008.

Read more about this case: Daiichi reels at Ranbaxy antibiotic recall