Fortis moves Supreme Court against Delhi High Court order
Fortis Healthcare has appealed to the Supreme Court against a recent Delhi High Court order. The order mandated a forensic audit of Fortis's dealings with IHH Healthcare and RHT Health Trust. This legal battle stems from Daiichi Sankyo's efforts to enforce an arbitral award against former promoters. Fortis argues the high court order unfairly impacts its public shareholders and IHH.
Fortis Healthcare has filed an appeal to the Supreme Court against a recent Delhi High Court order mandating a forensic audit of their dealings with IHH Healthcare and RHT Health Trust. The controversy stems from a 2016 arbitral award of Rs 2,562 crore in favor of Daiichi Sankyo, awarded due to fraudulent misrepresentations by the Singh brothers regarding the Ranbaxy Labs sale.
Fortis, which is now under Malaysia-based IHH's control, is being held accountable for the acts of former promoters Malvinder and Shivinder Singh, despite never participating in the arbitration proceedings. The Delhi High Court's order affects approximately 2.5 lakh public shareholders and IHH, the "white knight" that rescued Fortis.
Legal experts argue that no listed company can be held responsible for the personal debts and undertakings of its directors or shareholders.
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