Supreme Court has directed former promoters of Fortis Healthcare Ltd to come up with a plan on how they can pay over ₹3,500 crore to Japanese drugmaker Daiichi Sankyo as directed by a Singapore arbitration tribunal.
In February,2018,Singh brothers resigned as directors from the Fortis company’s board following the Delhi High Court order upholding the Rs 3,500-crore arbitral award in favour of Daiichi Sankyo.
An arbitral award or arbitration award refers to a decision made by an arbitration tribunal in an arbitration proceeding.
Arbitration is one of the methods of Alternative Dispute Resolution (ADR). ADR is the procedure for settling disputes without litigation.Arbitration is a procedure in which the dispute is submitted to an arbitral tribunal which makes a decision on the dispute that is binding on the parties.
A tribunal in Singapore had passed the verdict in favour of Daiichi.It held that the former promoters of Fortis healthcare had concealed information that the Indian company was facing probe by the US Food and Drug Administration and the Department of Justice,while selling its shares