No collusion with former promoters of Fortis Healthcare, says IHH

IHH Healthcare Bhd (IHH), a Malaysian company, has denied colluding with the former promoters of Fortis Healthcare, after the Supreme Court extended its stay on an open offer that would give it majority control of the latter.

IHH acquired 31 per cent stake in Fortis last July, after a four-month bidding war involving rival hospital chains and private equity firms. However, the subsequent proposed open offer to acquire an additional 26 per cent in Fortis is stuck due to the apex court's order. Last Friday, the Supreme Court initiated contempt proceedings against Fortis and held its former promoters, Malvinder Singh and