Date: September 29, 2026
Regulatory Disclosure Context
Fortis Healthcare Limited submitted a disclosure under Regulation 30 of SEBI Listing Regulations, enclosing a press release issued by IHH Healthcare Berhad on September 28, 2026, to Bursa Malaysia and SGX Stock Exchange. The event occurred on September 28, 2026, at 3:21 PM IST.
Legal Proceedings Update
On September 25, 2026, the Supreme Court of India disposed of the Special Leave Petition (SLP) filed by Fortis Healthcare challenging the Delhi High Court's order. The Delhi High Court had required a forensic audit in relation to Fortis and made certain observations concerning the company.
IHH Acquisition Background
IHH Healthcare's subsidiary, Northern TK Venture Pte Ltd (NTK), acquired its stake in Fortis in 2018 through a transparent, widely publicized competitive bidding process. The transaction involved:
- INR 4,000 crore investment for a 31% stake via preferential allotment of newly issued Fortis shares
- Mandatory tender offer to public shareholders
- No secondary shares acquired from former promoters Malvinder Mohan Singh and Shivinder Mohan Singh
- No payments made to the Singh brothers
- All necessary corporate, shareholder and regulatory approvals obtained, including from CCI and SEBI
Timeline Clarification
- March 2018: Singh brothers resigned from Fortis board
- Fortis was subsequently overseen by a reconstituted three-member independent board appointed by activist minority investors
- November 2018: IHH's investment in Fortis occurred months after Singh brothers' resignation
- IHH had no interaction with the erstwhile promoters
IHH Position and Cooperation
IHH was not a party to the dispute or execution proceedings between Daiichi Sankyo and its judgment debtors. Despite not being involved, IHH suffered losses from delays in obtaining mandatory tender offer approvals. IHH will fully cooperate with the forensic audit and is confident an independent review will objectively establish the facts surrounding the transaction.
Strategic Plans and Future Outlook
IHH confirmed its commitment to India as a key strategic market and plans to:
- Increase stake in Fortis to 51% over the next three to five years
- Further integrate Fortis and Gleneagles platforms
- Expand capacity to approximately 10,000 beds by 2031
Business Context
IHH describes itself as one of the largest and longest-standing foreign direct investors in India's hospital sector. The company states that Fortis has been transformed into one of India's leading healthcare providers, delivering care to millions of patients while strengthening clinical, governance and operational standards.