SC seeks Fortis response over transferring ₹4,000 crore to RHT Health
5 years, 11 months ago

SC seeks Fortis response over transferring ₹4,000 crore to RHT Health

Live Mint  

The Supreme Court on Monday sought a response from Fortis Healthcare Ltd on a plea by Japanese firm Daiichi Sankyo seeking to restrain it from transferring ₹4,000 crore it has received from Malaysia’s IHH Healthcare Berhad to RHT Health Trust, Singapore. A bench headed by Chief Justice Ranjan Gogoi also issued notice on another application by FHL seeking modification of the order of 14 December that had put on hold one of India’s biggest healthcare deals, ordering a “status quo” on the sale of FHL to IHH Healthcare Berhad. On 14 December, the top court ordered status quo with regard to sale of the controlling stake in FHL to Malaysian IHH Healthcare Berhad, putting a cloud of uncertainty over the Fortis open offer that was to commence on 18 December and close on 1 January 2019. After a long bidding war, a binding offer by IHH Healthcare Berhad to invest ₹4,000 crore in the cash-strapped hospital chain, outbidding a consortium of Manipal Health Enterprises and TPG Capital, was unanimously accepted in July.

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History of this topic

Fortis crashes after SC halts open offer
2 years, 3 months ago

Fortis crashes after SC halts open offer

Live Mint  

The Supreme Court on Thursday declined to allow Malaysia’s IHH Healthcare Bhd to proceed with an open offer to buy additional shares of Fortis Healthcare Ltd, triggering a rout in the Indian hospital operator’s stock. The top court also sent back to the Delhi high court a case relating to the sale of Fortis shares by its lenders to IHH …

Daiichi Sankyo Case: Supreme Court Asks Banks & Financial Institutions To Disclose Documents Related To Fortis Healthcare- IHH Healthcare Deal
3 years, 10 months ago

Daiichi Sankyo Case: Supreme Court Asks Banks & Financial Institutions To Disclose Documents Related To Fortis Healthcare- IHH Healthcare Deal

Live Law  

The Supreme Court on Thursday directed the banks and financial institutions to place on record several documents to determine their role in alienation of Fortis Healthcare's shares through its deal with IHH healthcare, on or before 22nd Feb 2021. The Banks and Financial institutions have also been directed to provide the following documents relevant with regard to shareholding of Fortis …

Religare Finvest Case : SC Orders Status Quo On Release Of Shivinder Mohan Singh In ED's Challenge
4 years, 5 months ago

Religare Finvest Case : SC Orders Status Quo On Release Of Shivinder Mohan Singh In ED's Challenge

Live Law  

The Supreme Court on Friday ordered status quo on the release of former Fortis Healthcare promoter Shivinder Mohan Singh in a challenge made by the Enforcement Directorate against the order of Delhi High Court granting him bail. "Until further orders, status quo with respect to release from jail be maintained and impugned Judgment not to be treated as a precedent …

RFL money-laundering: Court sends ex-Fortis Healthcare promoter Shivinder to ED custody till Dec 19
5 years ago

RFL money-laundering: Court sends ex-Fortis Healthcare promoter Shivinder to ED custody till Dec 19

India TV News  

A Delhi court on Friday sent former Fortis Healthcare promoter Shivinder Singh to Enforcement Directorate custody till December 19 in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd, saying custodial interrogation was required as the monetary transactions in question were voluminous in nature. In view of the facts and circumstances, accused Shivinder Singh is …

Fortis Healthcare says exploring legal options to address contempt notice by Supreme Court
5 years, 1 month ago

Fortis Healthcare says exploring legal options to address contempt notice by Supreme Court

Firstpost  

Fortis Healthcare on Monday said it is exploring legal means with respect to the Supreme Court judgment that found the company guilty of contempt for violating the court’s earlier order New Delhi: Fortis Healthcare on Monday said it is exploring legal means with respect to the Supreme Court judgment that found the company guilty of contempt for violating the court’s …

Exploring legal options to address contempt notice by SC: Fortis Healthcare
5 years, 1 month ago

Exploring legal options to address contempt notice by SC: Fortis Healthcare

India TV News  

Fortis Healthcare on Monday said it is exploring legal means with respect to the Supreme Court judgment that found the company guilty of contempt for violating the court's earlier order. "The Hon'ble Court has issued a suo moto notice of contempt to Fortis Healthcare Ltd for violating the Court order dated December 14, 2018," it added. The company is currently …

Fortis Heathcare’s takeover by IHH halted after Supreme Court ruling
5 years, 1 month ago

Fortis Heathcare’s takeover by IHH halted after Supreme Court ruling

Live Mint  

The Supreme Court has refused to lift the block on completion of the takeover of embattled hospital chain Fortis Healthcare Ltd. by Malaysian operator IHH Healthcare Bhd, the latest twist in one of the country’s most contentious and long drawn out corporate battles. The court held Fortis’ founders -- Malvinder Singh and Shivinder Singh -- guilty of contempt of court …

Daiichi Sankyo case: SC holds former Ranbaxy promoters Malvinder, Shivinder Singh guilty of contempt of court
5 years, 1 month ago

Daiichi Sankyo case: SC holds former Ranbaxy promoters Malvinder, Shivinder Singh guilty of contempt of court

Firstpost  

The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited New Delhi: The Supreme Court Friday held former Ranbaxy promoters Malvinder and Shivinder Singh guilty of contempt for violating its order that had asked them not …

Ex-Ranbaxy Promoters Malvinder, Shivinder Singh Guilty Of Contempt:SC
5 years, 1 month ago

Ex-Ranbaxy Promoters Malvinder, Shivinder Singh Guilty Of Contempt:SC

Live Law  

The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited.The apex curt had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore …

Fortis plans moving court to recover ₹403 cr from Singh brothers and promoters
5 years, 8 months ago

Fortis plans moving court to recover ₹403 cr from Singh brothers and promoters

Live Mint  

Fortis healthcare Ltd is likely to approach the Delhi High court seeking to recover ₹403 crore, which was allegedly siphoned off from Fortis by its former promoters, two people aware of the matter said. The move follows an order dated 17 October by the Securities and Exchange Board of India that directed Fortis to take necessary action to recover ₹403 …

Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC
5 years, 8 months ago

Ranbaxy promoters Malvinder, Shivinder Singh diverted funds despite order to maintain stakes, Daiichi Sankyo tells SC

Firstpost  

The Supreme Court had earlier expressed displeasure at the replies of Malvinder and Shivinder to its directive to submit a plan for paying Rs 4,000 crore to Daiichi Sankyo, as awarded by a Singapore tribunal. New Delhi: Japanese firm Daiichi Sankyo told the Supreme Court on Thursday that former Ranbaxy promoters, Malvinder and Shivinder Singh who owe it Rs 4,000 …

Fortis Healthcare plans to sell its stake in Singapore-listed Religare Health Trust to raise funds
5 years, 9 months ago

Fortis Healthcare plans to sell its stake in Singapore-listed Religare Health Trust to raise funds

Firstpost  

Fortis holds 27.82 percent of stake in RHT, comprising 25.14 percent held by Fortis Healthcare International Ltd and 2.68 percent held by the trustee-manager Three months after the acquisition of Religare Health Trust, Fortis Healthcare Ltd is reportedly planning to sell its stake in the Singapore-listed firm, a media report said. Fortis holds 27.82 percent stake in RHT, comprising 25.14 …

Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them
5 years, 9 months ago

Miffed at replies of ex-Ranbaxy promoters, Supreme Court to hear Daiichi's contempt plea against them

Firstpost  

New Delhi: Miffed at replies of former Ranbaxy promoters Malvinder and Shivinder Singh to its directive to submit a plan for paying Rs 4,000 crore to Daiichi Sankyo, as awarded by a Singapore tribunal, the Supreme Court on Friday threatened to send them to jail if found that they have violated the apex court’s order. On 14 March, the Supreme …

SEBI directs Fortis Healthcare, Fortis Hospitals to recover Rs 403 crore from Singh brothers, 7 others
5 years, 9 months ago

SEBI directs Fortis Healthcare, Fortis Hospitals to recover Rs 403 crore from Singh brothers, 7 others

Firstpost  

Singh brothers, erstwhile promoters of FHL, have also been asked not to associate themselves with the affairs of FHL and FHsL in any manner. New Delhi: SEBI Tuesday directed Fortis Healthcare Ltd and Fortis Hospitals Ltd to continue efforts to recover more than Rs 403 crore from Shivinder Mohan Singh and Malvinder Mohan Singh as well as seven other entities. …

SC asks Malvinder Singh and Shivinder Singh to submit concrete plan for paying Rs 3,500 cr to Daiichi Sankyo
5 years, 9 months ago

SC asks Malvinder Singh and Shivinder Singh to submit concrete plan for paying Rs 3,500 cr to Daiichi Sankyo

Firstpost  

New Delhi: The Supreme Court on Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to submit a concrete plan for paying Rs 3,500 crore to Daiichi Sankyo as directed by a Singapore tribunal. Calling them “flag bearers” of the Pharmacare industry of the country, a bench headed by Chief Justice Ranjan Gogoi said that it does not look …

Supreme Court asks ex-Ranbaxy promoters to apprise how they will comply with ₹3500 crore arbitral award
5 years, 9 months ago

Supreme Court asks ex-Ranbaxy promoters to apprise how they will comply with ₹3500 crore arbitral award

Hindustan Times  

The Supreme Court Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the ₹3500 crore arbitral award passed against them by a Singapore tribunal. The Supreme Court Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the ₹ 3500 crore …

SC asks Ranbaxy’s former promoters Singh brothers how they plan to pay Rs 3,500 cr to Daiichi Sankyo
5 years, 9 months ago

SC asks Ranbaxy’s former promoters Singh brothers how they plan to pay Rs 3,500 cr to Daiichi Sankyo

Firstpost  

The SC, on 14 December last year, had ordered status quo with regard to the sale of controlling stakes of Fortis Healthcare. The apex court was hearing the plea of Japanese firm Daiichi Sankyo which is seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh. The apex court …

Fortis saga: Believe in Indian judicial process, hopeful of a positive outcome in SC, says IHH MD & CEO Tan See Leng
5 years, 10 months ago

Fortis saga: Believe in Indian judicial process, hopeful of a positive outcome in SC, says IHH MD & CEO Tan See Leng

Firstpost  

New Delhi: IHH and Fortis are not involved in the dispute between Daiichi and the Singh brothers and are hopeful of a positive outcome on the status quo on the open offer in the next hearing in the Supreme Court scheduled on 14 March, a top Malaysian firm official said on Friday. IHH will seek advice from our legal counsel …

SC Orders Personal Appearance Of Ex-Promoters Of Ranbaxy
5 years, 10 months ago

SC Orders Personal Appearance Of Ex-Promoters Of Ranbaxy

Live Law  

The Supreme Court Tuesday directed former Ranbaxy promoters, Malvinder and Shivinder Singh, to appear before it on March 14 in connection with the pleas relating to sale of controlling stakes of Fortis Healthcare by them to Malaysian IHH Healthcare Berhad. The apex court said its earlier order asking to maintain status quo on the sale of controlling stakes in Fortis …

Fortis Healthcare seeks Sebi’s intervention to initiate legal proceedings, arrest Singh brothers to recover Rs 472 cr
5 years, 10 months ago

Fortis Healthcare seeks Sebi’s intervention to initiate legal proceedings, arrest Singh brothers to recover Rs 472 cr

Firstpost  

Fortis Healthcare has said it has asked markets regulator Sebi to initiate legal proceedings, including the arrest of its former promoters Singh brothers, to recover Rs 472 crore from them and related entities New Delhi: Fortis Healthcare has said it has asked markets regulator Sebi to initiate legal proceedings, including the arrest of its former promoters Singh brothers, to recover …

SC refuses to vacate status quo on sale of Fortis to IHH
5 years, 10 months ago

SC refuses to vacate status quo on sale of Fortis to IHH

Live Mint  

New Delhi: The Supreme Court on Friday refused to vacate the stay on the sale of Fortis Healthcare Ltd to IHH Healthcare Berhad and posted the matter for final hearing on 26 February. Nariman was hearing a plea by Japanese firm Daiichi Sankyo, seeking to restrain it from transferring ₹4,000 crore it received from Malaysia’s IHH Healthcare Berhad to RHT …

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