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Informist, Friday, Sept. 11, 2026

 

NEW DELHI – A Tokyo district court in Japan has rejected a plea by Northern TK Venture Pte Ltd., the promoter shareholder of Fortis Healthcare Ltd., seeking damages from Daiichi Sankyo Co. Ltd., Fortis said in a stock exchange filing. In 2025, Northern TK had filed a plea before the court to revise its damages claim against Daiichi Sankyo to INR 109.30 billion. Northern TK Venture has to bear the litigation cost in the case, said Fortis Healthcare.

 

Northern TK disagrees with the court's decision and maintains firm confidence in the merits of its position, Fortis Healthcare said. Northern TK is reviewing the judgment in detail with its legal counsel and evaluating all legal remedies to pursue the relief it believes is warranted, it said. Northern TK remains committed to protecting its rights and interests through every appropriate legal channel, it said, adding that the company would make further announcements in the event of any material developments in the case.

 

The case has its genesis in Northern TK filing a claim before the court, alleging that Japanese drugmaker Daiichi Sankyo caused losses to the unit by preventing it from proceeding with open offers to buy stake in Fortis Healthcare in 2018. Northern TK is a subsidiary of IHH Healthcare Berhad, which is the parent company of Fortis Healthcare. IHH Healthcare, one of the world's largest private healthcare groups, had initially bought 31% interest in Fortis through Northern TK, but later halted its open offer to buy an additional 26% after Daiichi Sankyo filed a contempt plea against the founders of the Indian company Fortis Healthcare. 

 

On Aug. 31, the Delhi High Court had appointed a forensic auditor to investigate the transactions between Fortis Healthcare's former promoters Malvinder Singh and Shivinder Singh, their companies, and the Religare Group. The high court's order followed Daiichi Sankyo's application seeking a forensic audit of the 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. 

 

At 1307 IST, shares of Fortis Healthcare Ltd. were down 1.5% at INR 889.30 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 Avishek Dutta

 

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