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Will Abide By SC Directions, Seeking Legal Advice Says Fortis Healthcare

"We would like to inform that the proceedings before the Hon’ble 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," the hospital has said in a statement

Fortis Healthcare reacting to the Supreme Court's extension of stay on the open offer by IHH has said that the hospital will go by the directions of the Apex court and will decide on its future stance as advised by its legal team.

"We would like to inform that the proceedings before the Hon’ble 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," the hospital has said in a statement.

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. We will keep all our stakeholders informed, as required, the statement further added.

Apex Court today, passed directions to the Delhi High Court to appoint a forensic auditor to assist in delving into transactions between lenders and financial institutions in the adjudication of the IHH deal.

The Fortis-IHH deal was challenged by Daiichi in order for it to recover Rs. 3600 crore from erstwhile promoters. In the year 2018, IHH group acquired 31 per cent stake in Fortis. The Apex Court had stayed the IHH Open Offer for Fortis shares in December 2018.

It was contended by Daiichi before the Supreme Court that Singh Brothers had pledged shares of Fortis Healthcare of 1.7 million quantity in violation of SC orders.



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