Group Media Releases
Press StatementNew Delhi, India, May 05, 2016
In an arbitration dispute between Daiichi Sankyo (‘Claimant’) and the sellers of shares of erstwhile Ranbaxy Laboratories Limited (‘Respondents), which includes RHC Holding Pvt Ltd (Company’) and Oscar Investments Ltd (‘Company’) as a party, the Arbitration Tribunal has issued an award, where the law governing the dispute was Indian Law by a majority of 2:1 in favor of the Claimant (with Justice A.M. Ahmadi, former Chief Justice of India giving a dissenting opinion dismissing all claims of the Claimant) for damages of an amount of INR 2562.78 Crores (approx..), quantified interest, costs and expenses of the arbitration till the date of award and interest on above until date of payment, against all the Respondents jointly and severally.
The Company is exploring further legal options to challenge the majority award.
All the parties to the Arbitration are bound by confidentiality obligations as a part of the arbitration proceedings.