Interestingly, the court dismissed the concerns raised about the valuation of the Fortis trademark and found no merit in delaying the auction for an elaborate valuation exercise. The court opined the auction process itself is expected to discover the optimum price!
Delhi High Court Orders auction of FORTIS trademark The judgement to auction the trademark was pronounced on an application of Daiichi Sankyo Company Limited ( Daiichi) as the decree holder and Malvinder Mohan Singh and others as the judgment debtors. Daiichi sought the sale of the "Fortis" trademark, owned by RHC Healthcare Management Services Private Limited (judgment debtor No.22). Daiichi highlighted that the joint and several liability of the judgment debtors is around Rs.4900 Crores ( approx.US $ 670 million), but only a small fraction has been realized so far. The Court in its judgement observed. 1. The decree holder/Daiichi expects to realize at least Rs.191.5 Crores ( approx. US $ 25 million) from the auction of the Fortis trademark. 2. The court directed the Joint Registrar (Judicial) to proceed with the public auction of the Fortis trademark and issue a proclamation as per the statutory format. 3. The court directed highest bidder to deposit 25% of the bid price immediately and the balance within 60 days. 4. The sale will be confirmed and concluded after the court's permission. Interestingly, the court dismissed the concerns raised about the valuation of the Fortis trademark and found no merit in delaying the auction for an elaborate valuation exercise. The court opined the auction process itself is expected to discover the optimum price. #fortis #healthcare #hospital #brand #auction RNA, Technology and IP Attorneys