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Informist, Tuesday, Dec. 23, 2025

 

NEW DELHI – In a ruling that comes as a relief for plaintiff Fortis Healthcare Ltd., the Delhi High Court has said a 2017 draft term sheet by which Walmark Holdings Ltd. had sought to acquire RHT Health Trust, and assignment agreements relating to it, were not valid. The court also barred Walmark Holdings and other parties from assigning their rights with respect to the draft term sheet to any third party such as Balaji Great Lotus Glory.

 

The court said Fortis Healthcare had been able to establish that the term sheet had neither been executed on its behalf nor had it authorised any person to execute it on its behalf. "...the Master Settlement Agreement, by way of which the defendants no.2 (Walmark Holdings) to 9 claim to have assigned their rights, allegedly accruing in their favour on account of the term Sheet and side Letters, in favour of the defendant no.1 (Balaji Great), cannot be enforced against the plaintiff," the court said in its order issued Friday.

 

In 2017, Walmark Holdings had sought to invest in Fortis Healthcare for the acquisition of RHT Health Trust pursuant to which a non-binding term sheet was executed. Thereafter, representatives of Fortis Healthcare and RHT Health Trust had prepared a draft term sheet. However, that draft term sheet was not executed on behalf of Fortis Healthcare.

 

Fortis Healthcare, which is the owner of the assets of RHT Health Trust, said the draft term sheet with the fabricated signature of its erstwhile chief executive officer was brought to its notice in 2018. Thereafter, a master settlement agreement was signed wherein Walmark Holdings and others assigned their rights in favour of some third parties with respect to the draft term sheet, to further pursue litigation against Fortis Healthcare. Consequently, cases were filed against Fortis Healthcare by these third parties based upon the master settlement agreement.

 

Fortis Healthcare had then moved the Delhi High Court seeking a declaration that the draft term sheet and the assignments connected with it were not valid. Tuesday, shares of Fortis Healthcare ended 1.4% lower at INR 901.60 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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