From The Economic Times · ANI · · 1m
Fortis Defends Itself After Supreme Court Allows Forensic Audit
Fortis claims it was a 'complete stranger' to Daiichi-Singh Brothers dispute after Supreme Court permits forensic audit.
In brief
Fortis claims it was a 'complete stranger' to Daiichi-Singh Brothers dispute after Supreme Court permits forensic audit. Fortis Healthcare says it had no role in the Singh Brothers' shareholding dissipation and the forensic audit will confirm its position. Originally reported by The Economic Times.
Fortis defends position
Fortis Healthcare Limited says it was a 'complete stranger' to the Daiichi Sankyo and Singh Brothers dispute.
“complete stranger”
Supreme Court order
The Supreme Court allowed a forensic audit to proceed after Fortis challenged the Delhi High Court's August 31 order.
Audit independence
The audit will be conducted independently and not influenced by Delhi High Court's observations.
No liability imposed
Fortis stated the Delhi High Court did not impose any liability, penalty, or fine on the company.
No role in dispute
Fortis was never a party to the arbitration proceedings between Daiichi Sankyo and the Singh Brothers.
Shareholding change
After the Singh Brothers' shareholding fell below one per cent in 2018, institutional shareholders appointed independent directors.
The key point
Fortis Healthcare says it had no role in the Singh Brothers' shareholding dissipation and the forensic audit will confirm its position.
