IHH Fortis Healthcare

IHH indicated last week that it was ready to go ahead with the stalled open offer if the capital markets regulator allowed it

Malaysia's IHH Healthcare on Thursday said Sebi has advised it to proceed with its stalled open offer to acquire 26.1 per cent market share in Fortis Healthcare only after obtaining order from the Delhi High Court. IHH Healthcare had acquired 31.17 per cent stake in Fortis by infusing fresh capital of Rs 4,000 crore in November 2018. The company is waiting for a go-ahead to proceed with its stalled open offer to acquire an additional 26.1 per cent stake in Fortis. The open offer, which was originally scheduled to commence on December 18, 2018 and close on January 1, 2019, entailing a total sum of Rs 3,300 crore, could not materialise due to a Supreme Court order. The apex court in September directed the Delhi High Court to consider appointing forensic auditors to analyse the transactions entered into by Fortis and other related transactions. "The Securities and Exchange Board of India (Sebi) has advised on November 16, 2022, that the Open Offers should be proceeded with after ...

Malaysia's IHH Healthcare on Friday said it is ready to proceed with its stalled open offer for 26.1 per cent stake in Fortis once capital markets regulator SEBI gives it a go-ahead. The company, which currently is the largest shareholder in Fortis with a 31.17 per cent stake, said it remains fully committed to Fortis and India. "We certainly understand the frustration Fortis investors have felt over the past four years around the uncertainty of the IHH open offer. With the recent Supreme Court judgement ruling making clear that we have conducted our investment into Fortis in a fair and transparent manner, we are discussing with Securities and Exchange Board of India (SEBI) to move ahead with the offer," IHH Healthcare Managing Director and CEO Kelvin Loh said in a statement. Should they concur and approve, IHH is ready to proceed with the open offer as soon as possible, he added. Loh said Fortis is IHH's key growth platform in India. "We are hopeful for a positive outcome so that

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Taking legal advice on next steps to pursue open offer for 26% stake in Fortis

The Supreme Court has held the former promoters of Fortis Healthcare Ltd Malvinder Singh and Shivinder Singh have failed to purge themselves of contempt by not making a genuine attempt to pay Rs 1170.95 crore each towards honouring an arbitral award against them, and handed down six months jail term to them. The contempt proceedings arose out of an action initiated by Japanese firm Daiichi Sankyo Company Limited, seeking enforcement of a foreign arbitral award made in Singapore on April 29, 2016 to the tune of Rs 3,600 crore in its favour and against 20 respondents including Malvinder Mohan Singh, Director of Oscar Investments Limited and RHC Holding Private Limited and Shivinder Mohan Singh, Director of Oscar Investments Limited. The former promoters of Fortis Healthcare Ltd were facing a court battle after Daiichi had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award. The IHH-Fortis deal is stuck due to the legal fight between Daiichi and the ...

Apart from a forensic audit in the Fortis-IHH deal, the Supreme Court on Thursday also announced a jail term of six months for Malvinder Singh and Shivinder Singh in the Daiichi-Fortis case.

Fortis Healthcare on Thursday said it is seeking legal advice to decide its future course of action after the Supreme Court ordered a forensic audit of its share sale to Malaysia's IHH Healthcare. Similarly, IHH Healthcare also said it is awaiting the written judgment from the apex court and seeking legal advice on the impact of the order on its acquisition of Fortis Healthcare. In a regulatory filing, Fortis Healthcare said the proceedings before the Supreme Court have "concluded with certain directions and the suo motu contempt has been disposed off. We are seeking legal advice to decide our future course of action." IHH Healthcare, in a separate statement, said it has been advised by its Indian counsel to wait for the written judgment before announcing the decision of the Supreme Court. It is in the process of obtaining the written judgment from the Supreme Court of India and "seeking legal advice on the impact thereof on the transaction". "Further announcements regarding the

CLOSING BELL: ith this, the indices have yet again turned negative for calendar year 2022. During the day, the Sensex had tumbled over 1,100 points, and the Nifty50 had erased nearly 350 points

Malaysian healthcare group IHH Healthcare reported a 31 per cent hike in Q1 earnings to MYR 493.3 million ($112 million)

IHH acquired a 31 per cent controlling stake in Fortis Healthcare in 2018 following a prominent bidding war against domestic and international companies.

The hospital has chosen not to cut salaries of frontline health workers even as its looks to implement cost saving measures

Even with its bold new plans, Fortis has not yet left its checkered past completely behind

The high court did not pass a stay order on the transaction