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Disputes

Can the Fortis-IHH deal overcome "surprise" Daiichi roadblock?

Daiichi-Sankyo wants Delhi High Court to block Fortis’s sale to IHH pending the recovery of its dues from the Singh brothers. Fortis chairman Ravi Rajagopal says Daiichi’s action is unexpected, but hopes it will have no bearing on the deal. Is there a final twist left in this unending tale?
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anujgupta
8 Aug 2018 5 Mins Read 0 comment
Ravi Rajagopal, chairman, Fortis (top left), Tan See Leng, MD and CEO, IHH Healthcare Berhad; Savgraf/Shutterstock Shutterstock.com
Ravi Rajagopal, chairman, Fortis (top left), Tan See Leng, MD and CEO, IHH Healthcare Berhad; Savgraf/Shutterstock
On August 2, Justice Rajiv Shakdher of the Delhi High Court issued summons to Malvinder Singh and Shivinder Singh, former promoters of Fortis, in the Daiichi-Sankyo-Ranbaxy arbitration case. “Things are getting out of hand. You can’t take the court for a ride,” Shakdher said. He wasn’t the only one getting antsy — Fortis, too, has been counting the costs
says. The chairman believes the IHH deal, which seemed to have brought to a close Fortis’s long-winded efforts to find a new owner and critical cash supply, will stay on course. “I think we are on the same side as Daiichi,” he says. “We are hoping Daiichi will also review the merits of its case against Fortis.”
On August 2, Justice Rajiv Shakdher of the Delhi High Court issued summons to Malvinder Singh and Shivinder Singh, former promoters of Fortis, in the Daiichi-Sankyo-Ranbaxy arbitration case. “Things are getting out of hand. You can’t take the court for a ride,” Shakdher said. He wasn’t the only one getting antsy — Fortis, too, has been counting the costs says. The chairman believes the IHH deal, which seemed to have brought to a close Fortis’s long-winded efforts to find a new owner and critical cash supply, will stay on course. “I think we are on the same side as Daiichi,” he says. “We are hoping Daiichi will also review the merits of its case against Fortis.”

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