Fortis Denies Role in Daiichi Sankyo-Singh Dispute

Fortis Healthcare stated on September 27, 2026, that it has no connection to the ongoing legal dispute between Daiichi Sankyo and the Singh Brothers. The company emphasized its role as a "complete stranger" to the matter and denied any involvement in the alleged diversion of shares by erstwhile promoters.

Fortis clarified that institutional shareholders appointed independent directors in early 2018 after the Singh Brothers' shareholding fell below 1% and they resigned from the board. Subsequently, in June 2018, a new board initiated a bidding process for a new investor.

Northern TK Venture, part of IHH Healthcare Berhad, invested in November 2018 through a fresh equity issuance, completing the process months after the Singh Brothers ceased their association. This investment received all necessary statutory and regulatory approvals.

A court, led by Chief Justice of India Surya Kant, has ordered a forensic audit into transactions concerning Fortis Healthcare, the Singh brothers, and other parties. This audit aims to trace the dissipation of assets potentially used to satisfy a decree awarded to Daiichi Sankyo.

The court clarified that previous observations against Fortis were only prima facie. Fortis Healthcare stated that the judgment does not impose monetary liability on the company, as it was not a party to the original dispute or the judgment debtor. The company views the audit as a factual inquiry into the alleged share dissipation by former promoters.