Ex-Ranbaxy CEO restrained from selling properties in bank loan default case

NEW DELHI: The Delhi Debts Recovery Tribunal (DRT) has restrained former CEO of Ranbaxy Laboratories and the co-owner of Fortis Healthcare, Malvinder Mohan Singh, from selling a fancy assets in Lutyen's Delhi and some other belongings in a bank mortgage default case.

A bench headed through presiding officer GVK Raju passed the interim path on an application through Yes Bank looking for restoration of Rs 569.64 crore mortgage given to Oscar Investment Ltd. for which Singh was a guarantor.


"In the facts and circumstances of the case, defendants, their men or agents are restrained from alienating or creating any sort of encumbrance in respect of the immovable property, i.e., 1, Rajesh Pilot Marg, until further orders," the court said, while also restraining him from selling some of his other belongings together with homes.


The bank had filed an application, claiming that the defaulters, "with an intention to defeat its rights, are trying to alienate the movable and immovable property and if they are permitted to do so, the bank would suffer irreparable loss."


The tribunal also directed Singh to report an affidavit disclosing his movable and immovable belongings.
Ex-Ranbaxy CEO restrained from selling properties in bank loan default case Ex-Ranbaxy CEO restrained from selling properties in bank loan default case Reviewed by kailash soni on February 18, 2018 Rating: 5
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