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Daiichi challenges Religare's move to write off Rs 500 crore
Daiichi Sankyo, currently trying to recover Rs 3,500 crore from Religare promoters Malvinder and Shivinder Singh, claimed in its application that the Indian financial services company's move to pay Rs 500 crore to Religare Capital Markets and immediately write it off was tantamount to siphoning of funds. Religare Capital Markets require Rs 500 crore to pay back Axis Bank, which had lent to the firm's international arm, and repayment is falling due.
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