Fortis Healthcare Ltd, a healthcare provider operating a network of hospitals and healthcare facilities in India, said the Supreme Court has disposed of its Special Leave Petition challenging the Delhi High Court’s August 31, 2026 order in the matter of Daiichi Sankyo Company Ltd vs. Malvinder Mohan Singh and others.
The SLP had challenged, among other things, the direction for a forensic audit of Fortis and certain observations made by the Delhi High Court.
The Supreme Court has allowed the forensic audit to proceed while clarifying that the observations challenged by the company are tentative and intended only for making out a case for the audit.
Court clarifies scope of audit
The Supreme Court has specifically clarified that the forensic audit shall be conducted independently and without being influenced by the observations contained in the Delhi High Court judgment.
The Court has accordingly made it clear that the relevant paragraphs of the judgment will not influence either the conduct or outcome of the forensic audit, which is required to be undertaken independently.
Company says no liability imposed
Fortis reiterated that, as stated in its earlier disclosure dated September 1, 2026, the Delhi High Court has not imposed any liability, penalty or fine on the company.
The company also said it was not a party to the underlying dispute between Daiichi Sankyo and the Singh Brothers and was neither a judgment debtor nor a garnishee in relation to Daiichi Sankyo’s decree.
Fortis outlines shareholding history
Fortis said it had no power or ability to control the transfer of shares by its erstwhile promoters, who owned those shares. It also said it received no money or proceeds from the dissipation of the erstwhile promoters’ shareholding.
After the Singh Brothers’ shareholding fell below 1% and they resigned from the board by March 2018, institutional shareholders came together to appoint independent directors to the company’s board.
New investor inducted through fresh issue
In June 2018, the independent board, with guidance from investment bankers and legal advisers, undertook a competitive bidding process to identify and induct a new investor.
Fortis said the investment by Northern TK Venture Pte Ltd, part of the IHH Healthcare Berhad group, was made through a fresh issue of equity shares in November 2018 after obtaining statutory and regulatory approvals, including from the CCI, SEBI, stock exchanges and shareholders.
Company confident about audit
Fortis said the investment did not involve any transfer of shares from the Singh Brothers, who had ceased to have any relationship with the company several months earlier.
The company said it remains confident that an independent forensic audit will establish these facts. Fortis added that it remains focused on corporate governance, transparency and regulatory compliance, as well as its operations and stakeholder interests.