The proceedings arose out of Daiichi Sankyo's efforts to enforce a 2016 arbitral award against the Singh brothers and other judgment debtors.
The dispute subsequently expanded to examine what happened to the Singh brothers' substantial shareholding in Fortis while proceedings were pending before courts.
According to the submissions before the Supreme Court, the Singh brothers earlier controlled around 70 percent of Fortis.
Fortis maintained that the investment was made after the Singh brothers had exited and when the company was being managed by an independent board.
The Delhi High Court subsequently directed a forensic audit while examining the dissipation of shares and other transactions connected with Fortis.
The proceedings arose out of Daiichi Sankyo's efforts to enforce a 2016 arbitral award against the Singh brothers and other judgment debtors.
The dispute subsequently expanded to examine what happened to the Singh brothers' substantial shareholding in Fortis while proceedings were pending before courts.
According to the submissions before the Supreme Court, the Singh brothers earlier controlled around 70 percent of Fortis. Their shareholding subsequently fell sharply and, by 2018, had gone below 1 percent.
Malaysia-based IHH Healthcare thereafter invested around ₹4,000 crore in Fortis through a fresh subscription in November 2018. Fortis maintained that the investment was made after the Singh brothers had exited and when the company was being managed by an independent board.
The Delhi High Court subsequently directed a forensic audit while examining the dissipation of shares and other transactions connected with Fortis.
Fortis challenged that order before the Supreme Court, maintaining that it was neither a party to the arbitration nor a judgment debtor and could not be saddled with the personal liabilities of its former promoters.
