Moneycontrol
Last Updated : Sep 14, 2018 10:59 AM IST | Source: Moneycontrol.com

Fortis Healthcare up 1% after Shivinder Singh withdraws NCLT petition against Malvinder Singh

Shivinder had earlier on September 4 filed a case against Malvinder and Sunil Godhwani in the NCLT, alleging 'oppression and mismanagement' of RHC Holding, Religare Enterprises and Fortis Healthcare.

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Shares of Fortis Healthcare added 1.5 percent intraday Friday after Shivinder Mohan Singh withdrew his petition against Malvinder Singh from the NCLT.

“That out of respect for their mother, the parties have already started mediation and as per the request of the mediators to constructively progress the mediation, the petitioners wish to withdraw the captioned Petition, without prejudice to their rights and contentions. All rights of the petitioners are hereby reserved,” read the filing.

Shivinder had earlier on September 4 filed a case against Malvinder and Sunil Godhwani in the NCLT, alleging 'oppression and mismanagement' of RHC Holding, Religare Enterprises and Fortis Healthcare.

Shivinder went on to make serious allegations like misappropriation of funds, forgery and pushing the group into debt trap.

The tribunal, which has heard the petition filed by Shivinder, allowed both parties - Shivinder and his wife Aditi Singh and Malvinder - to inspect the books of RHC. NCLT has posted the matter on October 9 for next hearing.

The brothers have lost management control over Fortis and Religare and are facing heat from Japanese drug maker Daichii Sankyo, which is trying to enforce a Rs 3,500 crore arbitration award it got from a tribunal in Singapore. Last month, Fortis shareholders' approved sale of their company to Malaysia’s IHH Healthcare for $1.1 billion.

At 10:43 hrs Fortis Healthcare was quoting at Rs 145.50, up Rs 1.60, or 1.11 percent on the BSE.

Posted by Rakesh Patil
First Published on Sep 14, 2018 10:59 am
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