Fortis challenges Delhi HC forensic-audit order in Daiichi award case
Fortis Healthcare has moved the Supreme Court against a Delhi High Court order for a forensic audit of transactions tied to its former promoters, including IHH-NTK’s 2018 investment and the RHT Health Trust deal, in Daiichi Sankyo’s award-enforcement proceedings.
What happened
Fortis Healthcare has challenged a Delhi High Court-ordered forensic audit into transactions linked to former promoters Malvinder and Shivinder Singh, including
Key facts
- Rs 2,562 crore 2016 arbitral award
- Around Rs 5,300 crore claimed outstanding
- 31.1% Fortis stake acquired by NTK in November 2018
- About Rs 4,000 crore NTK transaction consideration
- About Rs 4,666 crore RHT asset-interest acquisition
What changed
Fortis Healthcare has challenged a Delhi High Court-ordered forensic audit into transactions linked to former promoters Malvinder and Shivinder Singh, including IHH-NTK’s 2018 investment and the RHT Health Trust deal, in Daiichi Sankyo’s award-enforcement case.
Why this matters
The Supreme Court appeal prolongs a material legal and governance overhang, keeping uncertainty around legacy promoter-linked transactions in the investment case.
What to watch
- Supreme Court order on admission, interim stay or timeline for final hearing.
- Scope, auditor appointment and reporting requirements if the forensic audit proceeds.
- Any adverse findings linking current Fortis assets, cash flows, shareholding or directors to enforceable claims.
- Daiichi filings seeking attachment, disclosure, recovery or action against transaction counterparties.
- Fortis quarterly commentary on legal provisions, contingent liabilities, governance controls and expansion capex.