Page 4 - Fortis Healhcare

Fortis seeks legal advice after SC orders audit of its share sale to IHH

Fortis Healthcare on Thursday said it is seeking legal advice to decide its future course of action after the Supreme Court ordered a forensic audit of its share sale to Malaysia's IHH Healthcare. Similarly, IHH Healthcare also said it is awaiting the written judgment from the apex court and seeking legal advice on the impact of the order on its acquisition of Fortis Healthcare. In a regulatory filing, Fortis Healthcare said the proceedings before the Supreme Court have "concluded with certain directions and the suo motu contempt has been disposed off. We are seeking legal advice to decide our future course of action." IHH Healthcare, in a separate statement, said it has been advised by its Indian counsel to wait for the written judgment before announcing the decision of the Supreme Court. It is in the process of obtaining the written judgment from the Supreme Court of India and "seeking legal advice on the impact thereof on the transaction". "Further announcements regarding the

Singh brothers get 6-month jail term in Fortis-Daiichi Sankyo case

Former Ranbaxy promoters Malvinder Singh and Shivinder Singh are accused of concealing information about wrongdoing at Ranbaxy during its sale of a majority stake to Daiichi Sanyo, in 2008

Investors poorer by Rs 5 trn as Sensex tanks 1,021 pts; Nifty near 17,300

CLOSING BELL: ith this, the indices have yet again turned negative for calendar year 2022. During the day, the Sensex had tumbled over 1,100 points, and the Nifty50 had erased nearly 350 points

Hospital chains abused their dominance to charge exorbitant prices: Report

A CCI investigation showed that higher pricing was charged for renting rooms, medicines, tests, medical devices, and consumables. In some hospitals, the room rents exceeded charges of 4-star hotels

Stocks to Watch: Tata Steel, Fortis, Hero MotoCorp, Bombay Dyeing, McLeod

Stocks to Watch Today: UCO Bank became the first bank to get RBI nod for Rupee trade settlement a/c with Russia; The Central Bank warns M&M Finance against outsourcing recovery agents.

Top headlines: Fortis shares tank on SC verdict; Rupee hits new low

The rupee closed at a record low of 80.86 to the dollar, down from 79.9750 in the previous session

Fortis Healthcare aims to add 1,500 beds in 5 years to enhance presence

On the clinical front, the company said it expects to continue to strengthen its existing specialities and build new medical programmes.

SAT directs Malvinder Singh, Malav Holdings to deposit 50% of Sebi penalty

The Securities Appellate Tribunal (SAT) has directed businessman Malvinder Singh and Malav Holdings to deposit 50 per cent of the penalty amount imposed by markets regulator Sebi within six weeks

Fortis Healthcare Q4 net profit jumps 40% to Rs 87 cr; revenue rises 10%

Fortis Healthcare Ltd on Wednesday reported a 40 per cent jump in consolidated net profit at Rs 87.03 crore in the fourth quarter ended March 31, 2022. The company had posted a consolidated net profit of Rs 62.36 crore in the same quarter of the previous fiscal, Fortis Healthcare said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,378.1 crore as against Rs 1,252,44 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 1,264.17 crore as compared to Rs 1,167.29 crore in the corresponding period a year ago. Fortis said it witnessed the impact of the COVID-19 pandemic in the first half of the quarter with occupancies witnessing a downturn. However, given the lesser severity of COVID and low hospitalisations, the business saw recovery towards the end of February and operations returned to normal in the month of March. While January saw an occupancy of 54 per cent, March witnessed a reb

Fortis Healthcare case: Sebi slaps Rs 38.7-cr penalties on 32 entities

Capital markets regulator Sebi has imposed penalties totalling Rs 38.75 crore on 32 entities, including Fortis Healthcare Holdings, in a case related to diversion of funds of Fortis Healthcare Ltd (FHL) and misrepresentations to conceal the fraud. The matter goes way back to 2018 when a media report came out that the promoters of the listed FHL had allegedly taken massive funds out of the listed company. It had also pointed out that Deloitte Haskins & Sells LLP, the statutory auditor of FHL, had refused to sign on the company's second quarter results until the funds were accounted for. Subsequently, the regulator had initiated an investigation into the matter to examine possible violation of the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). It conducted a probe into the matter of grant of Inter-Corporate Deposits (ICDs) to three borrower companies -- Best Healthcare Private Limited, Fern Healthcare Private Limited, and Modland Wears Private ...

Fortis case: Sebi slaps Rs 24 cr penalties on Singh brothers, 7 entities

Passing a 109-page final order, the watchdog has slapped a fine of Rs 5 crore each on the two Singh brothers besides Rs 2.5 crore on RHC Holding Pvt Ltd

Fortis Healthcare matter: Former official settles case with Sebi

Vishal Bali, a former official at Fortis Hospitals, settled with Sebi a case pertaining to allegedly aiding in the diversion of public shareholders' funds for the benefit of the promoters of Fortis

Sebi disposes of proceedings against Fortis Healthcare's statutory auditor

Markets regulator Sebi has disposed of proceedings against statutory auditor of Fortis Healthcare in a matter pertaining to its alleged role in diversion of funds.

Fortis posts Q1 profit of Rs 430 cr on revenue growth, exceptional gain

Revenue grows 132% in Q1FY22, with that from diagnostics putting up the best show

Nifty outlook & weekly stock picks by Vinay Rajani of HDFC Securities

The markets are expected to remain range-bound and choppy unless the range of 15,550-15,950 is taken out on the either side in Nifty

Only 0.05% fully vaccinated healthcare workers got severe Covid: Fortis

Study covered over 16,000 healthcare workers across Fortis hospitals in India

Street signs: Coffee stocks in demand, Mitsui-IHH deal, and more

Last week, Bloomberg reported that Mitsui was teaming up with private equity players to make an $11-billion bid for IHH

Amid supply crunch, private hospitals eyeing import of Covid-19 vaccines

Two major hospital groups, Apollo Hospitals and Fortis Healthcare, said they are open to exploring opportunities to import

Delhi court junks interim bail plea of Malvinder Singh in PMLA case

The accused had expressed apprehension that he may contract Covid-19 infection in the Tihar jail

Delhi: Covid-19 vaccination for 18-45 age group to begin from Monday

The third and the largest phase of vaccination, under which beneficiaries in the 18-45 age group will be given jabs against coronavirus, will begin here on Monday