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As On 09-Dec-2022 13:29 PM
SENSEX
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  • Fortis Healthcare tanks after Supreme Court order

    Fortis Healthcare slumped 14.07% to Rs 267.40 after the Supreme Court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia's IHH Healthcare to proceed.

    SC on Thursday (22 September) refused to lift the block on completion of the takeover of hospital chain Fortis Healthcare by Malaysian operator IHH Healthcare Bhd. "...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," Fortis said in a statement to exchanges on Thursday. "We remain committed to our core purpose of patient care and will continue to focus on our strategic and operational objectives to further strengthen and expand our healthcare network," it added. Malaysian major IHH Healthcare acquired a 31% stake in Fortis Healthcare in 2018 for $1.1 billion through a bidding process. The acquisition triggered a mandatory open offer for IHH to acquire another 26% stake in Fortis.

    IHH's attempt to become Fortis' controlling shareholder was halted in 2018, when Japanese drugmaker Daiichi Sankyo Co. contested the deal as part of its efforts to recover $500 million from the former Ranbaxy Laboratories promoters Malvinder Singh and Shivinder Singh.

    Daiichi had moved SC to launch contempt proceedings against the Singh brothers for non-payment of $500 million arbitral award.

    The Singh duo sold Ranbaxy to Daiichi in 2008. However, Daiichi accused the Singh brothers of concealing information during the sale of Ranbaxy, and dragged them to an international court.

    The brothers ultimately lost the case and were ordered by a Singapore tribunal to pay $500 million to Daiichi in 2016. In March 2019, Daiichi had filed a contempt plea against the Singh brothers and financial services company Indiabulls alleging that they had pledged 1.7 million shares of Fortis Healthcare held by Fortis Healthcare Holding, despite the apex court forbidding it.

    SC on Thursday sentenced Malvinder Singh and Shivinder Singh to six months in jail for contempt of court.

    Fortis Healthcare is a leading integrated healthcare delivery service provider in India. On a consolidated basis, Fortis Healthcare reported 53.6 % fall in net profit to Rs 122.2 crore on 5.5% rise in revenue from operations to Rs 1,487.9 crore in Q1 FY23 over Q1 FY22.



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Flash News 09-Dec-2022
  •  ( 13:30) Lupin launches Diclofenac Sodium Topical solution in US  
  •  ( 13:08) Vedanta board approves raising upto Rs 800 cr via NCD issue  
  •  ( 12:52) Bajaj Consumer board OKs Rs 81 crore share buyback  
  •  ( 12:35) Pharma shares advance  
  •  ( 12:35) Indices turn range bound; Nifty hovers near 18,550; Pharma shares advance  
  •  ( 12:25) L&T arm inks pact to acquire US-based OPRO.AI  
  •  ( 12:02) Ethos inks exclusive retail partnership deal with German brand Tutima  
  •  ( 11:53) KPI Green commissions 38.76 MWp solar power projects  
  •  ( 11:28) IT stocks decline  
  •  ( 11:27) Sensex, Nifty at the low point of the day  
  •  ( 11:02) Alembic Pharma gets USFDA nod for Desonide Cream  
  •  ( 10:57) Spandana Sphoorty board allots NCDs worth Rs 100 cr  
  •  ( 10:32) PSU banks in demand  
  •  ( 10:32) Indices turn red  
  •  ( 10:20) National Peroxide plant resumes operations  
  •  ( 09:48) RateGain Travel incorporates step down subsidiary in UAE  
  •  ( 09:28) Lupin appoints Spiro Gavaris as President of U.S. generics business  
  •  ( 08:49) Paytm board to mull share buyback on 13 Dec  
  •  ( 08:44) Asian stocks trading higher  
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09 December 2022 13:28
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