Fortis Healthcare defends position as Supreme Court allows forensic audit

Fortis Healthcare Ltd has stated it is confident that an independent forensic audit will prove the company had no involvement in the share transfers conducted by its former promoters, Malvinder and Shivinder Mohan Singh.

The company's position follows a September 25 order from the Supreme Court of India, which disposed of Fortis’ special leave petition regarding a Delhi High Court order. While the Supreme Court allowed the forensic audit to proceed, it clarified that previous High Court observations were “tentative and only for the purpose of making out a case for forensic audit” and that the audit must be conducted independently.

Fortis maintains it is a “complete stranger” to the legal dispute between Daiichi Sankyo Company Ltd and the Singh Brothers. The hospital chain noted it was not a party to the arbitration proceedings, nor was it a judgment debtor or garnishee in the Daiichi Sankyo decree. Fortis further asserted it had no authority over the promoters' share transfers and received no proceeds from the dissipation of their holdings. The company also highlighted that the Delhi High Court had not imposed any liability, penalty, or fine on Fortis.