In Brief
This case concerns enforcement of a foreign arbitral award of approximately Rs. 3,500 crores in favour of Daiichi Sankyo Company Limited against respondents in an international arbitration. The Supreme Court issued status quo orders to protect assets pending enforcement. Respondents repeatedly pledged and transferred shares in Fortis Healthcare Limited through various mechanisms and entities, claiming these were encumbered before the order or authorized by prior powers of attorney. The Court found the directors of Indiabulls Housing Finance Limited and Indiabulls Ventures Limited (contemnors 1–8) guilty of knowingly violating the status quo orders by transferring 12,25,000 unencumbered shares. The Court also found Malvinder Mohan Singh and Shivinder Mohan Singh (contemnors 9–10) guilty of wilfully violating orders despite solemn undertakings to maintain unencumbered assets. The Court directed deposit of specified amounts within eight weeks or face sentence for contempt.
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