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“The Hon'ble Supreme Court of India has clarified that the direction to maintain status quo shall not apply to shares of the Company held by Fortis Healthcare Holding Private Limited (FHHPL) as may have been encumbered on or before the interim orders dated August 11, 2017 and August, 31, 2017,” Fortis Healthcare said in a regulatory filing.
The apex court clarified an earlier order while hearing an appeal of Japanese firm Daiichi Sankyo Company Limited, which is seeking to enforce the Rs 35 billion arbitral award against Malvinder Singh and Shivinder Singh, the original promoters of pharma company Ranbaxy and Fortis.
A bench of Justices Ranjan Gogoi and R Banumathi clarified its earlier status quo order and said that the shares of Fortis Healthcare Limited encumbered by Fortis Healthcare Holding Pvt. Ltd with the financial institutions (FIs) can be sold, traded or transferred, the PTI report suggested. CLICK HERE TO READ FULL REPORT.