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Informist, Wednesday, Sept. 16, 2026

 

--Fortis Health moves SC against forensic audit in Religare Group case 

--CONTEXT: HC ordered forensic audit of Fortis, Religare Group transaction 

 

NEW DELHI – Fortis Healthcare Ltd. Wednesday moved the Supreme Court against a Delhi High Court order on Aug. 31 to appoint a forensic auditor to investigate the transactions between the company's former promoters Malvinder Singh and Shivinder Singh, their companies, and Religare group. Fortis Healthcare's appeal came after YES Bank Ltd. Tuesday challenged the high court order directing forensic audits of banks and financial institutions to probe the transactions. The forensic audit was to examine the role of Fortis Healthcare, its officers, directors, key managerial personnel, and any other intermediary involved in processing, approving, recording, or giving effect to the transactions involving the Singh brothers.  

 

The high court's order came on Japanese pharma major Daiichi Sankyo Co. Ltd.'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 the 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 Ltd., YES Bank, Axis Bank Ltd., and others.

 

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

 

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

 

Daiichi Sankyo had been opposing the stake sale, saying it should not be allowed until Malvinder Singh and Shivinder Singh pay INR 35 billion they owe to the company. 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 would not dilute their shareholding in Fortis group.

 

At 1116 IST, shares of YES Bank traded at INR 23.54 apiece on the National Stock Exchange, up 2% from Tuesday. Shares of Fortis Healthcare were down 0.6% at INR 874.30, while those of Religare Enterprises Ltd. were up 0.3% at INR 248.21.  End

 

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

 

Reported by Surya Tripathi

Edited by Shubhayan Bhattacharya

 

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