From The Economic Times · ET Online · · 1m 30s
Fortis Healthcare Audit Confidence
Fortis Healthcare says forensic audit will clear it in share transfer dispute.
In brief
Fortis Healthcare says forensic audit will clear it in share transfer dispute. Fortis Healthcare claims an independent forensic audit will confirm it had no role in former promoters' share transfers. Originally reported by The Economic Times.
Supreme Court allows audit
Fortis Healthcare expressed confidence that an independent forensic audit will confirm it played no role in share transfers by former promoters Malvinder and Shivinder Mohan Singh.
Court clarifies audit independence
The Supreme Court permitted the audit to proceed while clarifying earlier remarks by the Delhi High Court were merely tentative.
Fortis claims no involvement
Fortis stated it was a complete stranger to the dispute between Daiichi Sankyo and the Singh Brothers, noting it was never a party to their arbitration proceedings.
No liability or shares transferred
Fortis added it received no monies from former promoters' shareholding dissipation and faced no penalties from the Delhi High Court.
Ownership restructuring timeline
By March 2018, Singh Brothers' stake dropped below 1 per cent and both resigned from the board, leading to institutional shareholders appointing new directors.
New investor completes deal
Northern TK Venture Pte Ltd, a subsidiary of Malaysia’s IHH Healthcare Berhad, became Fortis' controlling promoter shareholder through a November 2018 equity issuance after regulatory clearances.
Audit confirms facts
Fortis is confident an independent forensic audit will attest to its position as a complete stranger to the share transfer dispute.
At a glance
Fortis Healthcare claims an independent forensic audit will confirm it had no role in former promoters' share transfers.
