From The Economic Times · Indu Bhan · · 1m 10s
SC clears forensic audit of Fortis-IHH deal
Supreme Court approves forensic audit of Fortis Healthcare transactions involving Singh brothers.
In brief
Supreme Court approves forensic audit of Fortis Healthcare transactions involving Singh brothers. Supreme Court cleared forensic audit of Fortis Healthcare transactions with IHH Healthcare linked to Singh brothers' shareholding erosion. Originally reported by The Economic Times.
Supreme Court clears forensic audit
The Supreme Court rejected Fortis Healthcare's plea, clearing the way for a forensic audit into transactions involving IHH Healthcare and former Religare promoters Malvinder and Shivinder Singh.
Audit covers shareholding erosion
The audit traces assets linked to the Singh brothers following the Delhi High Court's order to probe erosion of their shareholding in Fortis Healthcare.
Arbitration award context
Daiichi Sankyo sought execution of a ₹3,500 crore Singapore arbitration award won against the Singh brothers in 2016.
Singh brothers' role in Religare
The Singh brothers were erstwhile promoters of Fortis Healthcare and Religare, with their shareholding in Fortis eroded through transactions with IHH Healthcare.
Forensic audit scope
The audit covers pledged FHL shares sold by 17 lenders in 2018 during IHH Healthcare's bid for a stake in Fortis Healthcare.
Next steps for banks
The Supreme Court will hear appeals by Yes Bank and Axis Bank against the high court ruling on Tuesday.
What to remember
Supreme Court cleared forensic audit of Fortis Healthcare transactions with IHH Healthcare linked to Singh brothers' shareholding erosion.
