Malaysia’s IHH Healthcare
said on Tuesday that an Indian court had directed the
appointment of a forensic auditor in relation to certain
applications filed by Japan’s Daiichi Sankyo against
Fortis Healthcare.
The court ordered the appointment of a forensic auditor to
primarily undertake a factual inquiry into the dissipation of
the shareholding in Fortis by its erstwhile promoters, among
others, IHH said.
The court did not impose any penalty or fine on IHH or on
Fortis, the healthcare operator added.
The legal order also directed an examination of the
transaction relating to IHH’s acquisition of a controlling stake
in Fortis via Northern TK Venture Pte (NTK).
IHH had bought a 31% interest in Fortis through its unit
NTK, but later halted its open offer to buy an additional 26%
after Daiichi Sankyo filed a contempt plea against the founders
of the Indian company.
NTK filed a claim in October 2023 alleging the Japanese
drugmaker caused losses by preventing it from proceeding with
open offers to buy a stake in the Indian hospital chain in 2018.
In May last year, NTK sought another 2.7 million rupees for
losses arising from its defamation claim.
India’s market regulator cleared IHH’s mandatory takeover
offer in early October last year for an additional 26% stake in
Fortis and its unit Malar Hospitals.
IHH, one of the world’s largest private healthcare groups,
operates 190 healthcare facilities, including 89 hospitals,
clinics and ambulatory care centres, across 10 countries,
including Malaysia, Singapore, Türkiye and India, its website
showed.
Fortis runs 36 healthcare facilities with over 6,000 beds
across 12 Indian states, according to its website.