IHH Healthcare Provides Update on Indian High Court Order on Case Involving Indian Unit
IHH Healthcare (KLSE:IHH, SGX:Q0F) said the Delhi High Court has directed the appointment of a forensic auditor in relation to certain applications filed by Daiichi Sankyo (TYO:4568) against the company's subsidiary, Fortis Healthcare (NSE:FORTIS, BOM:532843), according to a Tuesday filing with the Singapore Exchange.The order mandates a factual inquiry into the dissipation of the shareholding held by Fortis' promoters, the Singh Brothers, the change in control of Fortis and the role of relevant stakeholders.The court has also directed an examination of a transaction relating to IHH's acquisition of a controlling stake in Fortis through its unit, Northern TK Venture.The court, however, has not imposed any liability, penalty or fine on the healthcare group of Fortis, with the forensic audit being termed as investigative in nature.Earlier, IHH had acquired a 31% stake in Fortis but later halted its open offer for an additional 26% stake after Daiichi had filed a contempt plea against the company's founders.
