Supreme Court Gives 6-Month Jail Term To Former Fortis Promoters
NDTV
Fortis shares sale case: The IHH-Fortis deal is stuck due to the legal fight between Daiichi Sankyo and the former promoters of Fortis Healthcare.
The Supreme Court on Thursday awarded six months jail term to former promoters of Fortis Healthcare Ltd, Malvinder Singh, and Shivinder Singh, in a case related to the sale of shares of Fortis to Malaysia-based IHH Healthcare.
A bench headed by Chief Justice Uday Umesh Lalit awarded six months jail term to the former promoters of Fortis Healthcare who were earlier held guilty of contempt.
The top court also ordered a forensic audit of the share sale in Fortis Healthcare Ltd.
"Everything goes back to the executing court," the CJI said. The former promoters of Fortis Healthcare Ltd were facing the court battle after a Japanese firm, Daiichi Sankyo, had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award that it had won before a Singapore tribunal against the Singh brothers.
