Justice UU Lalit bench to pronounce on Wednesday an order on what details banks will have to furnish vis-a-vis their role in transfer of Fortis Healthcare shares to IHH Healthcare Berhad.
#SupremeCourt
#Daiichi
#SupremeCourt
#Daiichi
Former @fortis_hospital Healthcare promoters, Malvinder Singh and Shivinder Singh blamed banks for bringing down their shareholding in Fortis Healthcare from above 70% to less than 1%
Hearing commences.
Senior Counsel Rakesh Dwivedi making submissions.
An undertaking said FHH PL will continue to be single largest shareholder
They said they're selling it to minority shareholders. The idea was not to sell shares at all, says Dwivedi.
Senior Counsel Rakesh Dwivedi making submissions.
An undertaking said FHH PL will continue to be single largest shareholder
They said they're selling it to minority shareholders. The idea was not to sell shares at all, says Dwivedi.
Between Jan and March unencumbered shares were down by 3.5 Cr. 3.5 Cr unencumbered shares were sold and 2 cr encumbered shares were sold.
Banks should answer that this isn't a case where banks were not trying to secure their loan on account of fall in share value: Dwivedi.
Banks should answer that this isn't a case where banks were not trying to secure their loan on account of fall in share value: Dwivedi.
There is material on record to show that either banks have sold shares or permitted Malvinder Singh to sell shares in the market
Purpose of selling is to scuttle or decouple FHHPL from FHL: Dwivedi
#Daiichi #Fortis #MalvinderSingh
Purpose of selling is to scuttle or decouple FHHPL from FHL: Dwivedi
#Daiichi #Fortis #MalvinderSingh
None of the banks told this court that control of FHHPL will be completely knocked out
The banks were aware about assurances and court proceedings: Dwivedi submits.
#fortis #daiichi #malvindersingh
The banks were aware about assurances and court proceedings: Dwivedi submits.
#fortis #daiichi #malvindersingh
Despite assurances, Singh brothers told banks you can do whatever you want, you can sell and do whatever you feel like: Dwivedi
Malvinder say he has nothing to do with Shivinder; Shivinder says he has nothing to do with Malvinder ;They both say we have nothing to with banks
Banks say they have nothing to do with Singh Brothers: Dwivedi.
#MalvinderSingh #SupremeCourt #Daiichi
Banks say they have nothing to do with Singh Brothers: Dwivedi.
#MalvinderSingh #SupremeCourt #Daiichi
Bench asks Dwivedi if he has moved Delhi High Court seeking contempt action for violation of orders passed by Delhi High Court.
Dwivedi replies in the negative.
Dwivedi replies in the negative.
We want details on the money that went out, the manner in which it went out, the details of bank accounts: SC
What we propose to do is we would like to have details of all encumbrances but that will be from the perspective of orders passed by Supreme Court: Bench.
We also want information on Rs. 4,600 cr which went out of FHL: Supreme Court.
Senior Counsel Shyam Divan for Axis Bank says there should be some clarity on what exactly is the case against and why all this is being reopened again.
#Fortis #malvinder
#Fortis #malvinder
Sr Adv. Arvind Datar says all these banks are not innocent. How do they give loans to sister concern? A loan given to a company will not go to sister concern and then vanish.
The prestige of the country is at stake as regards enforcement of arbitral award by foreign tribunal.
The prestige of the country is at stake as regards enforcement of arbitral award by foreign tribunal.
Supreme Court reserves order. Will be pronounced tomorrow.
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