The Supreme Court on Thursday sentenced Malvinder Singh and Shivinder Singh, former promoters of Fortis Healthcare Ltd, to 6 months in jail in a case associated to the sale of Fortis shares to Malaysia-based IHH Healthcare.
A bench headed by Chief Justice Uday Umesh Lalit additionally sentenced the previous promoters of Fortis Healthcare, who had been earlier convicted of contempt, to 6 months in jail.
The high court docket additionally ordered a forensic audit of the share sale in Fortis Healthcare Ltd.
“Everything goes back to the execution court,” the CJI stated.
Former promoters of Fortis Healthcare Ltd had been going through a court docket battle when a Japanese agency, Daiichi Sankyo, challenged the Fortis-IHH share deal for restoration of an arbitration award of Rs 3,600 crore, which it had filed in opposition to the Singh brothers. Won earlier than the Singapore Tribunal.
The IHH-Fortis deal is stalled because of a authorized battle between Daiichi and former Fortis Healthcare promoters.
In 2018, when some Indian lenders bought pledged shares of Fortis Healthcare to a Malaysia-based agency, Daiichi alleged in court docket that former Fortis promoters had assured him that their shares within the Indian hospital chain would cowl the middleman prize cash. .
Fortis Healthcare stated in an announcement, “We understand that the proceedings before the Hon’ble Supreme Court have ended with certain directions and the contempt has automatically been disposed of. We will abide by the directions of the Hon’ble Supreme Court.” and can search authorized recommendation on our future plan of action.”
“We remain committed to our core objective of patient care and will continue to focus on our strategic and operational objectives to further strengthen and expand our healthcare network. We will keep all our stakeholders informed as required,” it stated.
With inputs from TheIndianEXPRESS
