The Supreme Court has ordered a forensic audit of the sale process of Fortis Healthcare shares. Meanwhile, Malaysia’s IHH Healthcare has put the brakes on the process of buying a stake in the company through an open offer. As soon as this news came, the shares of the company fell sharply. The stock had closed at Rs 318 on Wednesday, but today after the court’s order, it fell by around 20 per cent to Rs 250. The stock is currently trading around Rs 264, down 15 percent.
The Supreme Court has now referred the matter to the Delhi High Court to hear the Fortis Healthcare-IHH Healthcare deal. Now the Delhi High Court will decide on the open offer based on the facts revealed in the forensic audit. Along with this, the appointment of the forensic auditor will also be done by the Delhi High Court.
Both former owners sentenced to prison terms
A three-judge bench headed by Chief Justice UU Lalit sentenced former Fortis Healthcare owners Malvinder Singh and Shivinder Singh to six months in jail each.
However, after this decision of the Supreme Court, the process of taking over Fortis from IHH Healthcare has been delayed. In 2018, IHH Healthcare had acquired a 31 per cent stake in Fortis and the company was set to come up with an open offer to buy another 26 per cent stake. The order was passed by the Supreme Court on a plea by Japan’s Daiichi Sankyo against the deal between Fortis Healthcare and IHH Healthcare.