The Supreme Court has summoned former Fortis Healthcare promoters Malvinder Singh and Shivinder Singh to personally appear in court during an ongoing case by Daiichi Sankyo to block the completion of IHH Bhd’s deal with the hospital chain.
“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 court in December 2018 gave instructions stalling the Malaysian healthcare group’s acquisition of controlling stake in the hospital chain, stating that “status quo” was to be maintained with regard to the sale. Daiichi had moved court then to block the deal, stating it would impact its enforcement of an arbitration award against the brothers for allegedly concealing information of wrongdoing at Ranbaxy while they sold the firm to it in 2008.