SC restrains Singh brothers from diluting any stake in Fortis Healthcare

New Delhi: The Supreme Court on Thursday restrained brothers Malvinder Singh and Shivinder Singh from diluting any stake in the Fortis Healthcare.

The apex court said that the matter will be next heard on October 31.

According to reports, in April, the Japanese company had opposed the sale of an 80 per cent stake in the Religare Health Insurance Co. Ltd. to a group of investors led by private equity firm True North and submitted that Singh brothers had violated a prior order requiring them to take court permission to part with tangential assets.

Medica Dialogues team had earlier reported that the Japanese firm Daiichi Sankyo moved to supreme court block the stake sale in Fortis Healthcare. In response to apex Court has directed former Ranbaxy promoters, Malvinder and Shivender Singh, to maintain status quo with regard to their stake in Fortis Healthcare Ltd.

Daiichi's latest petition with the apex court said that the company would face "irreparable loss" unless the Supreme Court took steps to prevent "violation" of specific orders passed by the Delhi High Court in March and June. "Grave prejudice would be caused if the interim relief is not granted to the petitioners."

Read also: Fortis Healthcare Stake Sale: Battle moves to Supreme Court

In the month of April, Medical Dialogues team had reported that Japanese firm Daiichi Sankyo had knocked the Delhi High Court's door over the sale of Religare Enterprises to Religare Health Insurance.

Recently, there were the rumors that IHH healthcare was planning to purchase Fortis stake. In response, the pharma company had again knocked the doors of the high court to block the sale. However, IHH soon backed out of the deal, denying any stake purchase.

Read also: IHH Healthcare denies FORTIS stake purchase, shares tank