Fortis wants Singh brothers to be reclassified public shareholders

Move seen as an attempt to dissociate from former promoters' legal battle with Daiichi

Even as Fortis Healthcare promoters Malvinder and Shivinder Singh are locked in a legal battle with Daiichi Sankyo, the hospital major that recently secured Malaysia’s IHH Healthcare as a strategic investor, is seeking to reclassify the Singh brothers and related entities as public shareholders. 

This is largely seen as an attempt by the debt-strapped healthcare major to distance itself from the ongoing legal tussle between the brothers and Daiichi. 

The matter will come up for a vote in the extraordinary general meeting (EGM) to be held on August 13. Fortis has already sent a notice to stock exchanges notifying about