Fortis Healthcare seeks legal advice after Supreme Court orders forensic audit in its share sale
The Hindu
The Supreme Court on Thursday awarded six months jail term to former promoters of Fortis Healthcare Ltd
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 Fortis open offer and the Malar open offer will be issued after receipt of the copy of the said judgment,” it said.
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