After the brief Q and A session, the Ethiopian mourners filed silently out of the room and slowly boarded the convoy of eight Ethiopian Airlines buses. The mourners looked like travelers themselves. Except they carried no luggage, only items to honour the dead in their final resting place.
Following an infusion of over Rs 4,000 crore to pick up 31.1 per cent stake in Fortis, the hospital group on December 11 announced that IHH was initiating an open offer for an additional 26 per cent stake in the firm.
“The Court would like to have the personal presence of respondent nos. 2 and 4 ... alongwith their affidavits on the next date fixed i.e. 14.3.2019,” stated the court in its order Tuesday. The Indian Express has viewed a copy of this order.
The order for maintaining status quo till further orders of the apex court means that IHH Healthcare, which had in July won the bidding war for Fortis with its Rs 4,000-crore offer, will have to wait and can’t go ahead with its open offer which was scheduled to commence from December 18.
Fortis Healthcare had said in June that markets regulator Sebi has ordered a forensic audit in the matter of the company, which has admitted to systemic lapses in giving Rs 494.14 crore worth of loans to firms controlled by erstwhile promoters.