Fortis says SC order does not impact 31.1% stake sale to IHH
6 years ago

Fortis says SC order does not impact 31.1% stake sale to IHH

Live Mint  

New Delhi: Fortis Healthcare on Saturday said the Supreme Court ordering a status quo on its deal with IHH Healthcare Berhad does not impact the company’s 31.1% stake sale to the Malaysian firm. On Friday, the Supreme Court had ordered status quo with regard to the sale of controlling stakes of Fortis to IHH Healthcare Berhad by former Ranbaxy promoters and hospital operators — Malvinder and Shivinder Singh. “We would also like to emphasise that this order does not impact the preferential allotment that was made to Northern TK Ventures, a wholly owned subsidiary of IHH Healthcare Berhad, by Fortis on November 13, 2018.consequent to which IHH Healthcare Berhad owns 31.1% equity stake in Fortis,” the healthcare major said in a statement. Daiichi Sankyo, which filed the contempt plea against the Singh brothers in the Supreme Court, had said that it was promised some shares of Fortis Healthcare by the Singh brothers.

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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 …

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 …

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 …

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 …

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 …

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 …

IHH holds Fortis open offer after SC status quo on deal
6 years ago

IHH holds Fortis open offer after SC status quo on deal

Live Mint  

“In light of the order, Northern TK Venture and the PACs will not be able to proceed with the Fortis open offer for the time being until further order/ clarification/ direction are issued by the Supreme Court of India and/ or the Securities and Exchange Board of India,” the company said. The court order, however, does not impact the subscription …

Unable to proceed with Fortis open offer for time being as SC order puts on hold further stake sale: IHH Healthcare
6 years ago

Unable to proceed with Fortis open offer for time being as SC order puts on hold further stake sale: IHH Healthcare

Firstpost  

New Delhi: Malaysia’s IHH Healthcare on Monday said it will not be able to proceed with the open offer for Fortis Healthcare for the time being, following the Supreme Court order to put on hold sale of controlling stake in the Indian hospital chain. In a regulatory filing, IHH Healthcare, however, said the apex court’s order does not impact acquisition …

IHH Healthcare open offer for Fortis to commence on 18 December; to acquire additional 26% stake
6 years ago

IHH Healthcare open offer for Fortis to commence on 18 December; to acquire additional 26% stake

Firstpost  

A letter of the offer to Fortis shareholders was submitted to the bourses New Delhi: The open offer by Malaysian firm IHH Healthcare Berhad to acquire additional 26 percent stake in Fortis Healthcare will commence on 18 December and close on 1 January 2019, a regulatory filing by managers of the offer said. A letter of the offer to Fortis …

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