Beleaguered billionaire Singh brothers resign from Fortis Healthcare's board

Last Updated: Fri, Feb 09, 2018 11:39 hrs
A pharmacy employee looks for medication as she works to fill a prescription while working at a pharmacy in New York

Mumbai: Fortis Healthcare's promoters Malvinder Mohan Singh and Shivinder Mohan Singh have both tendered their resignation from the board, a late night BSE filing on Thursday revealed.

The development happens days after the Delhi High Court upheld an international arbitral award of Rs 3500 crore to Daiichi Sankyo against the former promoters of Ranbaxy Laboratories.

"The tipping point came when the high court ordered them to pay off Rs 3500 crore. There is a possibility that they have found a buyer," a person in know was reported as saying by The Mint newspaper.

The beleaguered billionaire Singh brothers are also accused of "diversion, siphoning and digression of assets" by a New York-based investor in a lawsuit filed in the High Court of Delhi as Bloomberg and other agencies had reported.

The lending arm of Malvinder and Shivinder Singh's publicly traded financial services firm, Religare Enterprises Ltd., made 21 loans to a number of seemingly independent companies that routed at least $300 million back to privately held Singh firms on the same day, according to a central bank investigation of the company's fiscal 2016 books filed as part of the 700-page suit in November.

More details here.

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