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Informist, Wednesday, Aug. 20, 2025

NEW DELHI – The Delhi High Court on Wednesday directed the attachment of One Qube property in Gurgaon, Haryana, for executing a 2016 arbitral award passed in favour of Daiichi Sankyo Co. Ltd. "A precept is hereby issued under section 46 of the CPC (Code of Civil Procedure) to the learned District & Sessions Judge, Gurugram, Haryana to attach property bearing Plot No. 20, Urban Estate, Sector-18, Gurugram, Haryana," said the high court.

The court has restrained One Qube Realtors Pvt. Ltd., to which One Qube property belongs, from selling, creating any third party rights on the property. This restraint order is necessary to prevent the future course of action being rendered infructuous and shall remain in force for a period of two months, said the high court.

The case goes back to an arbitral tribunal passing a INR 35-billion award in favour of Daiichi Sankyo to be paid by former Fortis Healthcare Ltd. promoters Malvinder Singh and Shivinder Singh. At that time the Singh brothers had a stake in Fortis Healthcare, Religare Enterprises Ltd., and other companies through RHC Holdings Pvt. Ltd.

In 2017, One Qube Realtors had purchased the property from Torus Buildcon Pvt. Ltd. for a sum of INR 1.26 billion. According to Daiichi Sankyo, Torus Buildcon was only the alter-ego of the judgment debtors, the Singh brothers, and the amount at which it sold the property was grossly undervalued.

The property was purchased by Torus Buildcon in 2008 for INR 1.01 billion but was sold to One Qube Realtors at INR 1.26 billion, which is evidently a highly discounted price, said Daiichi Sankyo. The property was the only tangible asset of Torus Buildcon and was covered by an undertaking given by the judgment-debtors, it could not have been alienated without prior permission of the court. The property came to be transferred to the Blackstone Group in 2019 as part of sale of an enterprise comprising three properties, for an aggregate enterprise value of about INR 31 billion, but the sale price of the subject property individually was declared only as INR 1.26 billion, which is evidently too small a proportionate value for the property, said Daiichi Sankyo. Blackstone Group holds 100% shareholding of One Qube Realtors.

One Qube Realtors claimed that it is neither a judgment-debtor nor a garnishee nor is it in any way related to them in the execution proceedings of the arbitral award. One Qube Realtors said it was a third-party, who has had nothing to do with the arbitral proceedings.  End

Reported by Surya Tripathi

Edited by Ashish Shirke

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