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Court orders attachment of assets.

New Delhi: The Delhi High Court ordered the attachment of all unencumbered assets of two holding firms of former promoters of India's Ranbaxy Laboratories Ltd to execute the Rs 3,500 crore arbitral award won by Daiichi Sankyo.

It restrained RHC Holdings from operating its bank accounts except for the payment of salaries and statutory dues till March 23, the next date of hearing. It directed the Singh brothers and others to maintain status quo on all the assets where they have any interest, as it also issued a garnishee order relating to the two companies.

A garnishee order is passed by an executing court directing or ordering a garnishee not to pay money to judgment debtor since the latter is indebted to the garnisher (decree holder). It is an order of the court to attach money or goods belonging to the judgment debtor in the hands of a third person. Justice Jayant Nath issued the warrants for attaching the unencumbered assets of RHC Holdings Pvt Ltd and Oscar Investments Pvt Ltd and directed former Ranbaxy promoters and brothers, Malvinder Singh and Shivinder Singh, and 10 others to file within 10 days a list of their unencumbered assets.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 4, 2018
Words:198
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