Daiichi has opposed the IHH-Fortis deal, claiming in the top court that the change in control of the local hospital chain was orchestrated by the brothers to avoid paying the arbitration award, which including interest is about Rs 3,500 crore.
This is the story of the sorry fall of an empire that had risen from the ground up in the span of a few decades.
Daiichi has alleged that the Singhs gave 25 entities linked to them loans that far exceeded the worth of these companies.
The court had directed the local commissioner to sell the entire lot of unencumbered shares of the respondents, other than Malvinder Singh in listed companies.
Daiichi had approached court on Thursday to stall the deal until it was paid a Rs3,500 crore arbitration award by Fortis’ erstwhile promoters Malvinder and Shivinder Singh.
The court's latest order asks that a warrant be issued to attach the unpledged assets of RHC Holding Pvt Ltd and Oscar Investments Ltd.
Fortis had first unveiled the plans to buy back the assets in November last year and was expected to make a final offer by this month.
The board of directors of the company accepted the resignations of Malvinder, Executive Chairman and Shivinder, Non-Executive Vice Chairman, with effect from February 8, 2018, the company said in BSE filing.
The Arbitral Tribunal rejected Singhs’ plea that the petitioner suffered no loss as a result of the transaction.
The high court's decision sets the stage for whether encumbered and unencumbered shares in the Singhs' hospital group Fortis Healthcare could be sold.
Daiichi wrote to the Securities & Exchange Board of India, the Reserve Bank of India, the BSE and the National Stock Exchange about alleged talks for a stake sale by the Fortis promoters on December 20.
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