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Singh brothers awarded 6 months jail term in Fortis-Daiichi Sankyo case

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The (SC) has announced a jail term of 6 months for Malvinder Singh and Shivinder Singh in the Daiichi-Fortis case. The stay on the IIH open offer has also been ordered to continue.


The apex court has asked the to issue remands in the case. Also, a forensic audit has been ordered in the Fortis-IIH deal.


In the case, former promoters Malvinder Singh and Shivinder Singh are accused of concealing information regarding wrongdoing at when they sold a majority stake in it to the Japanese firm, Daiichi Sankyo, in 2008. The Singapore tribunal had in 2016 awarded Daiichi Rs 3,500 crore in damages


However, in 2018, approached the alleging that were diverting funds through various shell to avoid the payments, in violation of the SC orders.


Daiichi also approached the court to stop the deal between Fortis and Malaysia-based IIH Group where the latter decided to acquire a 30 per cent stake in the group for $1.1 billion with an open offer of 26 per cent stake.


The deal was signed in August 2018. In December 2018, the SC stayed the IIH open offer.


There are several other cases against the .


were also charged with siphoning Rs 403 crore from Fortis Hospitals in 2017. The Securities Exchange Board of India (SEBI) had asked Singhs to return the money within 90 days, with the interest due.


The brothers withdrew Rs 403 crore from the hospital chain and diverted it for other uses. The ultimate beneficiary was RHC Holding, the parent company of the Fortis- group. Singhs were promoters of Fortis Healthcare till March 2018.


In another case, the Singh brothers took loans worth Rs 2,315 crore from Enterprises and Finvest. In 2019, the court ordered Religare to recall the loans and not dispose of any assets till the loans were repaid to Fortis Healthcare.

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