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Informist, Monday, Aug. 31, 2026

 

--HC appoints forensic auditor to probe Religare Group, Fortis transaction 

--CONTEXT: Daiichi Sankyo sought audit in Fortis' former promoters' case 

 

NEW DELHI – The Delhi High Court Monday appointed a forensic auditor to investigate the transactions between Fortis Healthcare Ltd.'s former promoters Malvinder Singh and Shivinder Singh, their companies, and Religare Group. The high court's order came on Japanese pharma major Daiichi Sankyo's application seeking forensic audit on transactions, in a case where the company sought execution of an INR 35 billion arbitral award to be paid by Singh brothers. Daiichi Sankyo had also urged the appointment of a forensic auditor to probe transactions between Fortis Healthcare, Malaysia's IHH Healthcare Berhad and RHT health Trust of Singapore. It wanted a forensic audit into the conduct of 17 banks and financial institutions, including HDFC Bank, Yes Bank, Axis Bank, and others.

 

Daiichi Sankyo had said Religare Group, which now claims itself as having an independent existence, was a party to the fraudulent transactions in which it pushed the companies of Malvinder Singh and Shivinder Singh to insolvency. Daiichi Sankyo said it was all done to frustrate the execution of the arbitral award which was passed in its favour and not with a view to resolve the companies of Malvinder Singh and Shivinder Singh through corporate insolvency resolution process. 

 

In 2018, IHH Berhad acquired a 31% stake in Fortis Healthcare Ltd. However, before it could make an open offer to acquire another 26% stake, the Supreme Court in the same year had imposed a status quo on Fortis Healthcare's shareholding.

 

Daiichi Sankyo had been opposing the stake sale saying it should not be allowed until Fortis Healthcare's former promoters Malvinder Singh and Shivinder Singh pay up INR 35 billion they owe to the Japanese company, by way of an arbitration award. The Japanese company had said the brothers managed to create encumbrances on their stake in Fortis Healthcare despite repeated undertakings before the Delhi High Court that they will not dilute their stake in Fortis Group.

 

The Supreme Court had also declined to lift the status quo on Fortis Healthcare's shareholding pattern. The apex court had said the issue of sale of the company's stake would be taken up by the Delhi High Court, which was hearing this case before the Supreme Court. The Supreme Court had also said the Delhi High Court could consider ordering a forensic audit on transactions between Fortis Group and its lenders.

 

At 1138 IST, shares of Fortis Healthcare were down 2.4% at INR 904.40, while those of Religare Enterprises Ltd. were up 4.6% at INR 243.75 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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