On this edition of Digging Deeper with Moneycontrol, we listen to the ballad of the bhais that went bust. The saga of the Singh brothers.
The order came after Daiichi Sankyo filed a contempt plea against Fortis' former promoters Malvinder Singh and Shivinder Singh (Singh brothers)
SEBI has directed the Singh brothers to not associate themselves with the affairs of Fortis Healthcare (FHL) in any manner till further directions
A class action suit is one that allows a large number of people having a common cause of action to jointly file or pursue a litigation.
Former Ranbaxy promoter and Fortis founder Shivinder Singh had alleged about these financial irregularities in his letter earlier this month.
Shivinder Singh, the younger sibling, broke his silence on Tuesday accusing his brother Malvinder and family friend Sunil Godhwani for systemically undermining the interests of the group companies and their shareholders
Watch Prince Thomas decode the animosity between the warring factions and sums up the happenings at the Fortis Group.
Godhwani was leading group's financial services arm Religare Enterprises as MD and CEO, was also in charge of the group's holding company, RHC Holding.
The deal now needs a go ahead from Competition Commission of India (CCI) to be consummated.
Rossana Annizah binti Ahmad Rashid, who is the chairman of the audit and risk management committee, voted against the proposal in the meeting that approved the acquisition of Fortis.
Fortis' chairman Rajagopal believes that "the IHH proposal offers a more strategically and financially compelling proposition along with simplicity and certainty."
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
It is yet not clear if the Munjal-Burmans consortium has put in a bid
Sunil Munjal and Burman brothers have expressed relief after Fortis' board recommended their offer and said they will reach out to large shareholders individually to get their support.
Sunil Munjal-led Hero Enterprise and Dabur's Anand Burman and Mohit Burman have jointly offered to invest Rs 1,800 crore in Fortis Healthcare, upfront.
The marathon board meet that started at 1 pm on Friday concluded in the wee hours of Saturday
Fortis Healthcare on Thursday said its board couldn't discuss the proposed bids due to the resignation of Renuka Ramnath.
Fortis has four offers on the table — let's see each one of those offers in detail and what shareholders are expecting.
Fortis Healthcare has received an unsolicited non-binding expression of interest from Fosun with an offer to inject Rs 100 crore in the next 45 days
The ball is in the court of Fortis board. The board is expected to take a decision in next one week
IHH's valuation tops the other two offers that Fortis got from Manipal-TPG consortium and a joint bid from Munjal (Hero) and the Burmans (Dabur).
“We have addressed most of the concerns in terms of the structure, in terms of valuation, and in terms of how much of dilution they have in the combined entity,” Pai said over phone.
Daiichi has dragged the Fortis-Manipal deal into its ongoing arbitration case against the Singh brothers, because they were erstwhile promoters of Fortis.
Singh, a US citizen and veteran retail professional, led the negotiations with the Manipal-TPG consortium for last several months before concluding India's largest ever healthcare deal
But the hospital only relented after the family agreed to drop their complaint against it.