Top Court Allows Forensic Audit in Fortis-IHH Case

India’s Supreme Court has allowed a court-ordered forensic audit into a decade-long dispute involving Fortis Healthcare and Malaysia’s IHH Healthcare, after disposing of Fortis Healthcare’s petition challenging the audit.

The audit will examine allegations that former Fortis promoters Malvinder Mohan Singh and Shivinder Mohan Singh moved or disposed of assets that could have been used to satisfy an arbitration award won by Japan’s Daiichi Sankyo in 2016. It will also examine the disposal of Fortis shares and the subsequent change in control of the hospital operator.

IHH said its unit Northern TK Venture acquired a 31% stake in Fortis in 2018 through a regulated competitive bidding process and that no shares were bought from the former promoters. IHH said it would fully cooperate with the forensic audit and maintained that it was not a party to the dispute between Daiichi Sankyo and the former promoters.

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