"The NCLT today granted my request to withdraw the petition of oppression and mismanagement I had filed against my brother Malvinder, and Godhwani. I am indebted to the Court for accepting my request," Shivinder said in a statement.
Shivinder had earlier this month filed an application before the Delhi bench of the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the interests of the companies and their shareholders.
All three entities were found to be linked to Fortis Healthcare’s former promoters Malvinder and Shivinder Mohan Singh, these sources said.
If the board decides to re-examine the bids, it would render infructuous the May 10 decision to recommend the Munjal-Burmans bid to shareholders for approval.
The deal is being proposed as ongoing investigations into Fortis Healthcare over the alleged misappropriation of funds by SFIO and a law firm are taking longer than expected.
Japanese drugmaker also claimed that inter-corporate transactions between affiliate companies of Singh brothers are ‘of dubious nature’.
Reference to Luthra & Luthra includes funds allegedly taken out by former group executive that the Singh brothers claim they didn't know about.
In percentage terms, it works out to 0.5 per cent stake. Derive Investments bought the shares at Rs 144.5 each, NSE bulk deal data showed.
The company, which is under scrutiny for fund diversion as well as large NPAs, blamed former chairman and managing director Sunil Godhwani for its woes.
The 0.5-acre bungalow situated at 1Rajesh Pilot Lane was part of a three-acre plot owned by Bhai Mohan Singh, father of Analjit Singh and grandfather of the Singh brothers.
The stock erased its early losses and soared 24.54 per cent to Rs 157.05 on BSE during the afternoon trade.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
