Thread by @barandbench

[Daiichi] Hearing in contempt plea against Singh brothers, Malvinder Singh and Shivinder Singh commences before Supreme Court

Court examining details filed by banks regarding shares of Fortis sold/ encumbered by banks.

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Court notes 6 out 17 entities/ banks have not filed details/ responses as directed by Supreme Court on February 18.

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Court asks senior counsel Mukul Rohatgi, Arvind Datar and Rakesh Dwivedi whether they want to modulate their submissions based on the responses.

Rohatgi answers in the affirmative.

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Pursuant to suo motu contempt, details have come which show that there was plan to transfer shares from Malvinder Singh to IHH: Rakesh Dwivedi.

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Very cleverly the entire money has been taken away, RHT is nothing but Malvinder, Shivinder and Gurpreet Singh; IHH has abetted the whole exercise: Dwivedi

You have received nearly 4,000 Cr under the Share Subscription Agreement between Fortis and RHT. To whom have you paid this amount, Justice KM Joseph asks Fortis lawyer Rajiv Nayar

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Justice Joseph says money from sale of shares of FHL has gone back to RHT.

The money went out from FHL corpus after status quo order of December 14.

You have countenanced a gross violation of Dec 14 by allowing money to be taken out of country: Justice Joseph.

Court says it is not satisfied with affidavit of Fortis, calls for fresh affidavit.

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Affidavit by Fortis should explain divergences, dichotomy with regard to the money taken out, when the idea of Malaysian entity being granted shareholding germinated and concluded, and role of Dhillon.

Affidavit has to be filed by Monday: Supreme Court

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Daiichi: Next hearing in Supreme Court on March 3.

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