SC puts Fortis-IHH deal on hold as Daiichi alleges fresh encumbrances

Daiichi Sankyo has alleged that the Singh brothers and Indiabulls had created fresh encumbrances for nearly 1.7 million shares of the total 2.3 million shares

In a major setback for Fortis Healthcare, the Supreme Court (SC) on Friday ordered that the status quo be maintained with respect to the stake sale of the beleaguered hospital chain to Malaysia’s IHH Healthcare Berhad.

Hearing a contempt petition moved by Daiichi Sankyo, the apex court issued notices to Indiabulls Housing Finance, Indiabulls Ventures, Oscar Investments, and RHC Holding. Following the news, shares of Fortis fell as much as 14 per cent, but partially recovered later to close at Rs 141.5 apiece, down 6.7 per cent.

Sources in Fortis, however, indicated that the hospital major, now backed by IHH, might move