Delhi HC appoints forensic auditor to examine Fortis-linked transactions in Daiichi case
The Delhi High Court ordered a forensic audit into complex asset transfers involving Fortis Healthcare, RHT Health Trust, and IHH Healthcare. This moves Daiichi Sankyo closer to tracing diverted funds to enforce its long-standing ₹3,500-crore arbitration award against the Singh brothers.
The Delhi High Court has appointed a forensic auditor to examine Fortis Healthcare-linked transactions in a case involving Daiichi Sankyo's attempt to enforce a ₹3,500 crore arbitration award. The court's decision follows the Supreme Court's contempt ruling against former Fortis founders Malvinder and Shivinder Singh for violating asset freeze orders.
The forensic audit will scrutinize the Singh brothers' stake in Fortis, which was allegedly diluted through share pledges and liquidations, as well as the 2018 RHT-IHH acquisition of a controlling stake in Fortis. The investigation will also assess the actions of 17 financial institutions that sold pledged shares despite court restrictions.
The findings of the forensic auditor will be crucial in determining the outcome of Daiichi's recovery efforts in this lengthy legal battle.
Brief written by urgent.news from Live Mint's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
