Fortis MalarHospital

Rewrites with details and background

Sept 1 (Reuters) - India's Delhi High Court has ordered a forensic audit into alleged asset dissipation by former promoters of Fortis Healthcare FOHE.NS, Malaysia's IHH Healthcare IHHH.KL said on Tuesday.

The fact-finding enquiry would investigate the alleged disposal of the former promoters' Fortis shareholding, subsequent change in the control of the Indian hospital operator, and the role of the relevant stakeholders, IHH Healthcare said.

Asset dissipation is the depletion or diversion of assets that reduces the pool available to creditors, shareholders, or other claimants. Promoters are large shareholders with management control.

At the heart of the decade-long dispute is Daiichi Sankyo's 4568.T claim that former Fortis promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, moved or disposed of assets that could have been used to satisfy an arbitration award the Japanese drugmaker won in 2016.

The arbitral award, issued by a Singapore tribunal in 2016, directed the Singh brothers and related parties to pay 25.62 billion rupees ($269 million) to Daiichi.

Daiichi has told the Delhi court the amount outstanding has since risen to 53 billion rupees.

Malaysia's IHH bought about a third of Fortis Healthcare in 2018, which triggered a mandatory takeover offer for an additional 26% stake. IHH had to halt the takeover offer after Daiichi Sankyo filed a contempt plea against Fortis' promoters.

IHH said on Tuesday that it was not a party to the execution proceedings against the former Fortis promoters. The Delhi court order on Monday has directed an examination of IHH's stake acquisition in Fortis via Northern TK Venture Pte.

Fortis said it has taken note of the court judgement, which it said does not impose any monetary liability on the company, nor does it "in any way, by itself, result in fastening of liability on Fortis".

IHH is one of the world's largest private healthcare groups which operates 190 healthcare facilities across 10 countries, including Malaysia, Singapore, Türkiye and India. Fortis runs 36 healthcare facilities with over 6,000 beds across India.

($1 = 95.1625 Indian rupees)

(Reporting by Sherin Sunny, Keshav Singh Chundawat, Sameer Manekar in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Mrigank Dhaniwala)

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Nov 5 (Reuters) - Fortis Malar Hospitals Ltd FORT.BO:

• NAMES PRADEEP KUMAR MALHOTRA AS CFO

Source text: ID:nBSE4VgvDx

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Aug 23 (Reuters) - Fortis Malar Hospitals Ltd FORT.BO:

• CFO YOGENDRA KUMAR KABRA RESIGNS

Source text for Eikon: ID:nBSE5Ds0kc

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May 17 (Reuters) - Fortis Malar Hospitals Ltd FORT.BO:

• FINAL DIVIDEND OF 2.50 RUPEES PER SHARE

Source text for Eikon: ID:nBSE9bY6n8

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April 18 (Reuters) - Fortis Malar Hospitals Ltd FORT.BO:

• NORTHERN TK VENTURE, IHH HEALTHCARE BERHAD REVISE OPEN OFFER PRICE FOR FORTIS MALAR SHARES TO 20.1 RUPEES PER SHARE FROM 60.1 RUPEES - DOCUMENT

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** Shares of Fortis Malar Hospitals FORT.BO rise 20% to 67.59 rupees

** Stock hits upper limit of exchange-mandated trading band

** Healthcare services provider on Friday declared an interim dividend of 40 rupees per share

** Stock on track for a second consecutive session of gains, and its best one-day gain since late-June 2023

** More than 112,000 shares change hands by 11:24 a.m. IST, 4.1x the 30-day avg

** Including session's gain, stock is up ~15% YTD

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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April 12 (Reuters) - Fortis Malar Hospitals Ltd FORT.BO:

• FORTIS MALAR HOSPITALS LTD - DIVIDEND OF 40 RUPEES PER SHARE

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** Fortis Healthcare FOHE.NS shares up 1.7% at 372.6 rupees

** Co on Friday said it sold assets of Fortis Malar hospital Adyar, Chennai to MGM Healthcare for 1.28 billion rupees ($15.4 million)

** Goldman Sachs retains "buy" rating on stock, saying deal marks significant step in ongoing portfolio rationalisation

** Although management has been able to resolve several of the hospital's legacy issues, some aspects persist - challenging profitability in Malar hospital - GS

** About 2 mln shares change hands, 1.3x the 30-day avg

** Stock up over 29% YTD

($1 = 83.3680 Indian rupees)

(Reporting by Sethuraman NR)

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Nov 24 (Reuters) - Fortis Malar Hospitals Ltd FORT.BO:

• FORTIS MALAR HOSPITALS LTD- SALE OF ITS BUSINESS OPERATIONS PERTAINING TO FORTIS MALAR HOSPITALS

• FORTIS MALAR HOSPITALS LTD- ENTERED AGREEMENT WITH MGM HEALTHCARE

• FORTIS MALAR HOSPITALS LTD- DEAL FOR 455 MLN RUPEES

• FORTIS MALAR HOSPITALS LTD- MALAR HOSPITALS SALE WILL BE ALL-CASH DEAL, EXPECTED TO BE CONSUMMATED BY END OF JAN 2024

• 
  

Source text for Eikon: ID:nBSE5zBDbx

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