INSUBCONTINENT EXCLUSIVE:
Fortis operates about 30 private hospitals in India.Shares of Fortis Healthcare slipped as much as over 1.7 per cent on Wednesday
At 10:57 am, Fortis Healthcare was trading at Rs 145.35 on the BSE, down 1.50 per cent
The fall in Fortis Healthcare shares came after co-founder Shivinder Singh moved the National Company Law Tribunal (NCLT) against his elder
Shivinder, who has decided to break business ties with his sibling, said the case, which also accuses former chief of financial services
firm Religare Enterprises Sunil Godhwani, was filed in the NCLT, reported news agency Reuters.Shivinder Singh said on Tuesday he had filed a
lawsuit against older brother Malvinder Singh, alleging 'oppression and mismanagement' at their joint businesses
The case comes in the wake of financial troubles at the group businesses RHC Holding, Religare Enterprises and hospital chain Fortis
Healthcare."The collective, ongoing, actions of Malvinder and Sunil Godhwani led to a systematic undermining of the interests of the
companies and their shareholders," Shivinder Singh said in a statement.Fortis, which operates about 30 private hospitals in India, accepted
an investment offer from Malaysia's IHH Healthcare Bhd in July, ending months of speculation over control of the company
The brothers also sold their controlling stake in drugmaker Ranbaxy Laboratories, founded by their family, to Japan's Daiichi Sankyo Co in
2008.Meanwhile, benchmark equity indices opened mildly positive on Wednesday on fresh buying by foreign investors, but soon turned choppy on
The broader Nifty50 slipped 15.20 points or 0.13 per cent to trade at 11,505.10
