Senior advocate F S Nariman said that they reduced their stakes in Fortis Healthcare Holding from more than 40 per cent on August 11, 2017 to less than 1 per cent now
FHIL and Stellant are both wholly-owned subsidiaries of FHL
The company earlier this month had requested the Securities and Exchange Board of India to use its legal authority to recover the money from Malvinder and Shivinder Singh
The apex court was hearing the plea of Japanese firm Daiichi Sankyo which is seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh
Prior to joining Fortis, Raghuvanshi was associated with the Narayana Hrudayalaya group for over 18 years
The Supreme Court on December 14 had ordered a status quo on an application moved by Daiichi Sankyo.
The loan agreement was executed on January 10, with certain CPs for disbursal being fulfilled on January 14
SC had ordered stay on sale of Fortis stake to IHH Healthcare Berhad
Apte was appointed to the board of IHH Healthcare Berhad in September 2014, Fortis Healthcare said
Move comes as IHH prefers to align its auditors on a group-wide basis
Sebi has directed FHL and FHsL to recover dues from Malvinder Singh, Shivinder Singh, and seven others
RHC Holdings, Religare Finvest, Shivi Holdings, Malav Holdings, Best Healthcare, Fern Healthcare and Modland Wears are the other seven entities
The Malaysian firm has said it won't proceed with the Rs 33-bn open offer in Fortis Healthcare
IHH had already made an infusion of '40 billion in Fortis last month to meet the hospital's immediate capital requirements
Fortis also clarified that it was not a party to the judicial proceedings in which the SC order has been passed
Daiichi Sankyo has alleged that the Singh brothers and Indiabulls had created fresh encumbrances for nearly 1.7 million shares of the total 2.3 million shares
On a year-to-date (YTD) basis, the stock has slipped 5.5 per cent. At 11:35 am, the stock was trading at Rs 142.60, down 5.94 per cent.
Fortis Healthcare's shares fell by almost 14 per cent following the SC order putting the company's sale on hold
Fortis Healthcare on Monday said the hospital chain could not be held liable for actions of former promoters Malvinder and Shivinder Mohan Singh
Even as the health care major begins life under a new owner, it has embarked on a brand-building exercise