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Delhi HC grills Singh brothers on personal assets, bank accounts

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Delhi high court lashed out at Malvinder Singh and Shivinder Singh in open court on personal assets, bank accounts, saying that "they seem to be heading in the direction of saying that - we don't have any money."

Delhi high court lashed out at Malvinder Singh and Shivinder Singh in open court on personal assets, bank accounts, saying that "they seem to be heading in the direction of saying that - we don't have any money."
The Singh brothers are  barred from operating their bank accounts.
The court said that if Singh brothers don't possess money , they should declare insolvency.
Also the court said that the contempt proceedings should be considered by Daiichi against them.
The cross questioning by the court brought a lot embarrassment to the Singh brothers who had earlier said that they had no direct shareholding in Fortis Healthcare.
Malvinder Singh revealed to the court that he owns apartment in Singapore, and expressed his inability to make monthly payments for it.
He also informed the court that he has gifted a Rs 7 crore sculpture to daughter in October 2017.
Daiichi had moved the high court here seeking direction to the brothers to take steps towards paying its Rs 3,500 crore arbitration award, including depositing the amount. It had also urged the court to attach their assets, which may be used to recover the award.
On February 16, the Supreme Court had dismissed Singh brothers appeal against the high court verdict upholding the international arbitral award.

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