India

Former Fortis Healthcare promoters sentenced to six months in prison

On Thursday, the Supreme Court sentenced Malvinder Singh and Shivinder Singh to six months in jail for selling the shares of Fortis to a Malaysian company, IHH Healthcare.

The former Fortis Healthcare promoters who were earlier found guilty of contempt of court were also sentenced to six months in jail by the bench headed by Chief Justice Uday Umesh Lalit.

Additionally, Fortis Healthcare Ltd’s share sale was ordered to be forensically audited by the top court.

It all goes back to the executing court, the Chief Justice said.

Fortis Healthcare Ltd’s former promoters were fighting a Japanese company, Daiichi Sankyo, over a Rs 3,600 crore arbitration award it won over the Singh brothers in Singapore.

There’s a legal fight between Daiichi and the former Fortis Healthcare promoters holding up the IHH-Fortis deal.

The former promoters of Fortis Healthcare allegedly told Daichi that their shares in the Indian hospital chain would cover the arbitral award amount when they sold the pledged shares to the Malaysia-based firm in 2018.

In a statement, Fortis Healthcare said, “We understand that the Supreme Court has disposed of the suo-motu contempt case with certain directions.” According to the Supreme Court’s directives, we will seek legal advice regarding our future course of action.”

As we continue to strengthen and expand our healthcare network, we remain committed to our core purpose of patient care. As needed, we will keep all stakeholders informed.

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