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SC bars Fortis Healthcare promoters from selling pledged shares

31 Août 2017

The Supreme Court on Thursday refused to give the Singh brothers (Malvinder and Shivinder, the original promoters of Ranbaxy and Fortis) permission to sell Fortis shares.

Fortis shares pledged with Yes Bank and Axis Bank can't be disposed of as well, he said. The shares of Fortis plunged by over 5% after the Supreme Court order.

On 11 August, the court had asked companies controlled by the Singhs to not sell shares in Fortis.

RHC and Oscar sought clarity whether an 11 August order by the apex court applied to their encumbered shares in Fortis Healthcare as well.

The apex court told the brothers that they can not sell any assets, either encumbered or non-encumberd, and also refused permission to banks seeking to sell pledged shares.

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The court clarified that it maintained status quo, applicable to both encumbered & unencumbered assets.

"Supreme Court has put a stay on selling by the Promoters and Banks where the shares of the promoters have been pledged".

The court has fixed the next date of hearing in the matter on October 31. This case is related to a separate case where Daiichi Sankyo has accused the Singh brothers of concealing facts when they sold their stake in erstwhile Ranbaxy Laboratories Ltd to the Japanese company in 2008.

In 2016, the Singapore arbitration court ordered the Singhs to pay up Rs2,562 crore in damages to Daiichi.

Maintaining status quo, the apex court clarified that promoters Singh brothers can not sell both encumbered and non-encumbered assets. The total value of their dues after interest addition and legal fees came to Rs3,500 crore.

SC bars Fortis Healthcare promoters from selling pledged shares