Highlights

Former Fortis promoters have been sentenced to 6 months imprisonment by the Supreme Court.
Malvinder and Shivinder allege scam in selling shares to IHH Healthcare.
The top court also ordered a forensic audit of the sale of Fortis shares.

New Delhi: The Supreme Court has sentenced Malvinder Singh and Shivinder Singh, former promoters of Fortis Healthcare Limited, to six months’ imprisonment in a case related to the sale of shares to Malaysian company IHH Healthcare. A bench headed by Chief Justice Uday Umesh Lalit sentenced the former promoters of Fortis Healthcare, who were earlier convicted in the contempt case, to six months’ imprisonment.

The top court also ordered forensic audit of the sale of shares of Fortis Healthcare Ltd. The Chief Justice said that now its responsibility is entrusted to the court executing the order.

It is noteworthy that the former promoters of Fortis Healthcare Ltd. is a Japanese company. ‘Daichi Sankyo’ are also embroiled in a court battle with The Japanese company had won an arbitration amount of Rs 3,600 crore against the Singh brothers in the Singapore tribunal and to receive it Fortis-IHH Shares The deal is challenged. The IHH-Fortis deal is stalled due to a court battle between Daiichi and the Singh brothers.

It is noteworthy that in 2018, when some Indians sold their shares of Fortis Healthcare to Malaysian company IHH, Daiichi reached the court. The Japanese company alleges that former Fortis promoters had assured it that their shares in the Indian hospital chain would pay the arbitration amount as decided by the tribunal.

Fortis Healthcare said in a statement, “We understand that the hearing before the Supreme Court has been concluded with certain directions and contempt proceedings initiated with suo moto cognizance have also come to an end.” We will follow the directions of the Supreme Court and seek legal advice on the future course of action.”

“We remain committed to our core goal of patient care and will continue to focus on strategic and operational goals to further expand and strengthen our healthcare network,” Fortis said in a statement. We will keep our shareholders informed as and when required.

Tags: business news, Supreme Court of India

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