SC jails Malvinder and Shivinder Singh for 6 months over contempt

NEW DELHI: The Supreme Court on Thursday sentenced people to six months in prison for promoting Fortis Healthcare, Malvinder Singh and Shivinder Singh. The case involves the sale of shares of Fortis to Malaysia-based IHH Healthcare.
A bench headed by Chief Justice Uday Umesh Lalit gave six months to former supporters, who had previously been seen as contemptuous. The highest court also ordered a forensic examination of the sale of shares in Fortis Healthcare. “Everything goes back to the execution court,” CJI said.
Former promoters of Fortis Healthcare are facing a battle in court after a Japanese company, Daiichi Sankyo, challenged the Fortis-IHH share agreement to restore an arbitration award of Rs 3,600 that the company won before the Singapore court against the Singh brothers. The IHH-Fortis deal is stuck due to a legal battle between Daiichi and former Fortis Healthcare promoters.
In 2018, when several Indian lenders sold committed shares of Fortis Healthcare to the Malaysia-based company, Daichi went to court alleging that former Fortis promoters had assured them that their stake in the Indian hospital chain will cover the amount of the arbitration award.
Fortis Healthcare said in a statement, “We understand that proceedings before the Supreme Court have ended in certain directions and contempt for suo motu has been removed. We remain committed to our core purpose of patient care and will continue to focus on strategic and operational goals to further strengthen and expand our healthcare network. We will notify all of our stakeholders, upon request. ”

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