Supreme Court Puts Fortis Healthcare Sale To IHH On Hold

The Supreme Court today ordered a status quo on the Rs 4,000 crore sale of Fortis Healthcare Ltd. to Malaysian group IHH Healthcare Bhd. A three-judge bench headed by Justice Ranjan Gogoi was hearing the petition filed by Japanese drugmaker Daiichi Sankyo alleging former promoters—brothers Malvinder and Shivinder Singh—violated undertakings and court orders. Daiichi had sought a stay on the Fortis sale as the Singh brothers had not fulfilled their commitment to pay the drugmaker as per the Delhi High Court’s orders, one of Daiichi’s lawyers told BloombergQuint on the condition of anonymity. Daiichi’s lawyers argued in court that the Singh brothers created encumbrances on their shares even after the court order.