SC order won't impact stake sale as Singh brothers not part of firm: Fortis

Fortis further clarified the order does not impact the preferential allotment made to Northern TK Ventures by Fortis on Nov 13, in accordance with the applicable law

A day after the Supreme Court ordered status quo be maintained with respect to the stake sale of Fortis Healthcare to Malaysia’s IHH Healthcare Berhad, the beleaguered chain said the order does not impact the preferential allotment of shares to Northern TK Ventures, a wholly-owned subsidiary of IHH.

In a statement on Saturday, Fortis said it was not a party to the judicial proceedings, in which the order has been passed.

“As we have reiterated many times earlier, the ex-promoters (Malvinder Singh and Shivinder Singh) are no longer a part of Fortis. Friday’s judicial proceedings were in matters solely related to them