IN THE HIGH COURT OF DELHI AT NEW DELHI
YASHWANT VARMA, J.
Daiichi Sankyo Company Limited - Decree Holder
Versus
Malvinder Mohan Singh and Others - Judgment Debtor
O.M.P.(EFA)(COMM.) No. 6 of 2016, Ex. Appl.(OS) No. 3764 of 2022, Ex. Appl.(OS) No. 3850 of 2022, Ex. Appl.(OS) No. 317 of 2023, Ex. Appl.(OS) No. 318 of 2023 and O.M.P.(I) (COMM.) No. 206 of 2016
Decided On : 24-04-2023
| Table of Content |
|---|
| 1. background details of judgments and orders. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8) |
| 2. court's view on compliance and contempt findings. (Para 10 , 11 , 13 , 38 , 39 , 40 , 41 , 42 , 43 , 44) |
| 3. claims about rights by fhsl and ihfl. (Para 17 , 18 , 19 , 20) |
| 4. misrepresentation and fraudulent transactions addressed. (Para 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52) |
| 5. court's order for releasing funds. (Para 78 , 79) |
ORDER :
Yashwant Varma, J.
EX. APPL.(OS) 3651/2022 in O.M.P.(EFA)(COMM.) 6/2016
1. The instant application has been moved by the execution petitioner for being accorded permission to withdraw the amount of INR 20,54,65,962.22 transmitted to the Registrar General of this Court pursuant to the order of 22 September 2022 passed by the Supreme Court in Contempt Petition (C) No. 2120 of 2018, Special Leave Petition (C) No. 20417 of 2017 and Suo Motu Contempt Petition (C) No. 4 of 2019 titled Daiichi Sankyo Company Limited v. Oscar Investments Limited , 2022 SCC OnLine SC 1281 .
2. For the purposes of clarity and completeness of the record, the directions as framed in the aforenoted order are extracted hereinbelow:—
(a) Contemnor Nos. 9 and 10 are sentenced to suffer six months imprisonment and pay fine in the sum of Rs.5,000/- each within four weeks from today. In case of default of payment of fine, the contemnors shall undergo further imprisonment of two months.
(b) Special Leave Petition (Civil) No. 20417 of 2017, Contempt Petition No. 2120 of 2018 in SLP (C) No. 20417 of 2017 and Suo Motu Contempt Petition (C) No. 4 of 2019 are disposed of with a direction to the High Court, before whom the proceedings in execution are pending, to consider appointment of forensic auditor(s) to analyse the transactions entered into by the noticee banks and financial institutions and to look into whether such transactions were bona fide and entered into in commercial expediency.
(c) The executing court may also consider issuing appropriate process and appointing forensic auditor(s) to analyse the transactions entered into between FHL and RHT and other related transactions.
(d) The amount of Rs.17,93,40,000/- which stands deposited in the Registry of this Court shall be transmitted to the executing court along with interest accrued thereon. The said amount shall be available to the executing court while considering execution of the instant foreign arbitral award.
(e) Certain shares which are still lying with the noticee banks and financial institutions, for example, the shares of FHL pledged with and continued to be held by RBL Bank which were dealt with in the order dated 15.04.2021. passed by this Court, shall be available to the executing court and shall abide by such order as the executing court may deem appropriate to pass.
(f) All the properties offered by Contemnor Nos. 9 and 10 in their attempt to partially purge themselves of contempt shall also be available to the executing court and shall abide by such directions as the executing court may deem appropriate to pass. Consequently, there shall be attachment of all those assets which may await the decision or direction to be passed by the executing court in due course of time which may also include the questions whether the assets in question apparently in the names of certain persons/entities can be proceeded against.
(g) Needless to say that it shall be open to the executing court to pass such directions as the facts and circumstances presented before it may justify.
(h) All pending proceedings before the concerned courts, including the First Information Reports and proceedings before NCLT shall be taken to logical conclusion in accordance with law.
(i) The Registry shall send copies of all volumes, submissions and pleadings filed by the parties in the instant matters to the executing court for facility and record.
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