Fortis Healthcare reviews Delhi HC ruling in Daiichi Sankyo case, may approach Supreme Court
In a significant development, Fortis Healthcare is assessing a recent decision from the Delhi High Court regarding the Daiichi Sankyo arbitration. The court's order for a forensic audit of earlier transactions poses a notable contingent liability for Fortis. Consequently, the company may explore the option of appealing to the Supreme Court, as this ruling could necessitate direct compensation to…
Fortis Healthcare is reviewing the recent Delhi High Court ruling on the Daiichi Sankyo arbitration case, and there is a possibility that they may take their case to the Supreme Court, according to sources. The 213-page judgment delivered by Justice Subramonium Prasad on Monday orders a forensic audit of Fortis' transactions from the time the Singh brothers were in control until the period when IHH took over the company.
In the judgment, the court has ordered appropriate remedies against any individuals found to have violated court orders and obstructed the execution of the decree. The court has investigated the acquisition of controlling interest by IHH and the actions of the concerned parties. The court has the power to order a direct payment to Daiichi Sankyo from any individual who meets the aforementioned criteria, a lawyer informed ET.
The court's paragraph 269 explicitly states its ability to annul all transactions. If the forensic audit uncovers that a bank or financial institution, despite being aware of the existing judicial orders, took part in, facilitated, or acted in furtherance of transactions that violated or bypassed these orders, the court would not be unable to examine the legal consequences arising from such actions, according to the order.
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