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Daiichi vs Singh Brothers: Delhi HC directs freeze on sale of SRL Diagnostics trademark

Updated : July 08, 2020 12:46 PM IST

Daiichi is seeking payment of an arbitral award of Rs 3,500 crore, as confirmed by the Supreme Court of Singapore.

In the ongoing Rs 3,500 crore tussle between Japanese Drug Maker and Former Fortis Promoters, Malvinder and Shivinder Singh, the Delhi High Court (HC) today directed that no third party rights can be created with respect to the SRL Diagnostics trademark.

Daiichi is seeking payment of an arbitral award of Rs 3,500 crore, as confirmed by the Supreme Court of Singapore. Daiichi has alleged that the Singh Brothers siphoned of assets from group companies to avoid paying the arbitral award dues. Both the brothers are currently the subject of an investigation by the Economic Offences Wing of Delhi Police and are parked in Tihar Jail.

Daiichi is also seeking for attachment sale of trademarks of Religare and Fortis trademarks.

Today, the Delhi High Court recorded that the trademark for SRL Diagnostics is held by a company by the name of Headway Brands Private Limited. The High Court noted that the trademark was assigned to Headway Brands in December of 2019.

The court recorded that the holding company of Singh Brothers enjoys a 99.9 percent stake in Headway Brands. HC has directed for status quo to be maintained with respect to the shareholding of Headway Brands.

The Delhi High Court, however, has not placed any restrictions on the commercial use of the trademark. The case will, now, come up for hearing on July 28.

Daiichi vs Singh Brothers: Delhi HC directs freeze on sale of SRL Diagnostics trademark

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