The government ban on FDCs mostly covered drug cocktails for treating cold and cough, antibiotics, painkillers, anti-depressants, diabetic drugs, among others.
Shivinder further added that in case the mediation falls through, he intends to reassess and start a fresh action against his brother
In a petition filed before the NCLT, Shivinder sued Malvinder for "oppression and mismanagement" of their companies.
The younger brother also requested before the tribunal to allow him or his authorised representatives to inspect the statutory records of RHC Holdings and taking copies thereof.
Shivinder Singh on Tuesday announced that he had moved the National Company Law Tribunal (NCLT) against his elder brother Malvinder Singh
Shivinder said that he can no longer be party to activities in which transparency and ethics are continuously and consistently negated.
The summons were issued as the court wasn't satisfied with the information provided by Singh brothers on the status of their assets under possession.
Sebi has now invited applications from eligible CA firms "for empanelment to take up assignments relating to forensic audit of financial statements of listed companies".
SRL which contributes about one-fifth of Fortis revenues of Rs 4537 crore in FY18, has been struggling to grow its margins and revenues faced with competition and pricing pressure.
"I think one of the key things about such a great, deep, and long learning curve is that during the process of learning what to do, I think we have also learned the more important lesson of what not to do," Tan said in call to analysts referring to Company's India business.
The court has asked Fortis and the Singh brothers, Malvinder and Shivinder, to respond to Daiichi's application by the next hearing scheduled on August 1.
Tan said IHH has developed a 100-day turnaround plan to improve the operating margins by around 500-600 basis points.
The healthcare provider received just two bids from Malaysia’s IHH Healthcare and Manipal-TPG consortium and is said to be evaluating the bids with the help of financial and legal advisors.
An official of Fortis said the board is yet to take a call and a final decision on the bids could be expected by Friday
The beleaguered healthcare provider, as per the audited financial statement, reported a loss of Rs 932 crore for the fourth quarter ended March impacted by continuing business challenges, impairments and provisions
"We knew much of what has been disclosed by the company as part of earnings, but we will take comfort only if it has a seal of the statutory auditor," said a bidder
The company got four notices, of which two notices on May 30 and June 1 claiming Rs 18 crore from Fortis, and two more notices on June 4 demanding Rs 215.82 crore and Rs 19.62 crore respectively.
Luthra & Luthra was appointed by Fortis board in February to carry out independent investigation to find out if there are any lapses of company’s control procedures and governance after details emerged in public alleging the erstwhile promoters took out around Rs 494.14 crore through ICDs.
Results are unaudited and not yet signed by the statutory auditors. Provisions in Q4 FY18 were related to certain amounts totaling to around Rs 580 crore due to the company, recoverability of which is doubtful
“In view of the ongoing discussions on the annual accounts, which requires further deliberation, the Board decided to adjourn the meeting to be re-convened on June 26, 2018,” the healthcare provider said.
Fortis is going through a severe cash crunch at the moment. The company's debt was downgraded by rating agencies and borrowing more money hasn't been easy
The BSE Healthcare index gained 6.28 percent in the past week, while the benchmark Sensex increased 0.42 percent
Fortis had approved the demerger of SRL in August 2016 to unlock value of the diagnostic business and focus on its core hospital business
Fortis' board did not disclose any details of the internal investigation report, but said it had shared the findings of Luthra & Luthra with the statutory auditor.
Fortis' board did not disclose any details of the internal investigation report, but said it had shared the findings of Luthra & Luthra with the statutory auditors