he brothers’ controlling stake in Fortis was diminished following an order by the Supreme Court in February this year that allowed banks to invoke and sell Fortis shares pledged to them, argued their counsel, Amit Sibal.
NEW DELHI: The Delhi High Court restrained former Fortis HealthcareNSE 0.28 % and Ranbaxy promoters Malvinder and Shivinder Singh from operating their bank accounts in India and Singapore while it executes Daiichi Sankyo’s Rs3,500-crore arbitration award against them. The court however didn’t block a key Fortis Healthcare shareholder meeting to vote on the hospital chain’s acquisition by IHH.
The Singhs, who were present in court on Friday, were questioned about their accounts and assets in India and overseas. This was the first time the brothers had appeared in court since Daiichi Sankyo initiated the arbitration award enforcement proceedings against them in 2016.
Justice Rajiv Shakdher suggested the brothers declare themselves bankrupt if they were unable to pay the award. The next hearing will be on September 5.
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//economictimes.indiatimes.com/articleshow/65356948.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst by Prabha Raghvan ET
//economictimes.indiatimes.com/articleshow/65356948.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst by Prabha Raghvan ET
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