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Fortis Healthcare says it was a bystander in Daiichi-Singh Brothers dispute

The company said it did not receive any proceeds from the sale or dilution of its former promoters' shareholding.

Reported · Written up by our desk · Emerging Markets

Fortis Healthcare said in an exchange filing that it was not involved in an ongoing legal dispute between Daiichi Sankyo and the Singh Brothers, adding that it was a “complete stranger” to the matter and had played no part in an alleged diversion of the former promoters' shareholding, according to LiveMint Markets.

Fortis said it had no control over transfers of shares by its erstwhile promoters, and it did not receive any money or proceeds tied to the sale or dilution of that shareholding.

The company also said that after the Singh Brothers' stake fell below 1% and they resigned from the board by March 2018, institutional shareholders collectively appointed independent directors.

It added that in June 2018, the newly constituted independent board, with support from investment bankers and legal advisors, began a competitive bidding process to identify and induct a new investor into the company.

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