Fortis Healthcare Appeals to Supreme Court Following Delhi High Court Ruling
In a significant legal development, Fortis Healthcare has filed an appeal in the Supreme Court against a recent Delhi High Court order mandating a forensic audit of its transactions with IHH Healthcare and RHT Health Trust. This case is part of Daiichi Sankyo’s ongoing efforts to enforce an arbitral award against Fortis’ former promoters, Malvinder and Shivinder Singh. The dispute is rooted in complex ownership issues and legal battles involving the parties.
The appeal, submitted on September 16, argues that the Delhi High Court’s order was based on prejudicial findings against Fortis Healthcare, despite the company not being a party to the arbitration proceedings. Fortis contends that the order’s repercussions will adversely affect approximately 250,000 public shareholders and IHH, which has been described as the “white knight” that rescued the company.
The Delhi High Court’s order stems from a 2016 arbitral award of ₹2,562 crore in favor of Daiichi, linked to fraudulent misrepresentations by the Singh brothers regarding the sale of Ranbaxy Laboratories. Fortis claims that the outstanding amount has since escalated to around ₹5,300 crore. The Special Leave Petition emphasizes that Fortis was never involved in the arbitration or the proceedings related to the Singh brothers’ commitments, asserting that a publicly listed company cannot be held accountable for the personal debts of its former directors.
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